Financial Daily from THE HINDU group of publications
Friday, Nov 11, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 11, 2005 |
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Marketing
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New Products & Services Modi-Revlon unveils fragrance range for men Our Bureau
Mr U.K. Modi, Chairman, President & CEO, Modi Revlon, flanked by models at the launch of the `24seven' range of fragrances for men in the Capital on Thursday. — Ramesh Sharma
New Delhi , Nov. 10 IN a bid to garner a share in the fast growing personal care market for men, Modi-Rrevlon on Thursday announced its foray into the segment with the launch of an international range of fragrances.Branded `24seven', the range consists of deodorant spray, cologne spray and an after-shave splash. The products are targeted at the premium segment with the deodorant spray priced at Rs 185 (130 ml) and cologne spray at Rs 550 for 50 ml. While the total domestic fragrance market is estimated to be Rs 410 crore by the Euromonitor 2004 report, the fragrance market for men constitutes 32 per cent, amounting to Rs 130 crore, which the Modi-Revlon joint venture aims to capture. The `24seven' products will be made available in the metros and Class 1 towns. Currently, Revlon's products are distributed through 1,500 outlets in the country. The company expects to increase this number to 2,500 stores by 2007. Modi-Revlon said it would continue to focus on the premium end and has no plans to tap the entry-level segment. "We have a loyal customer base who have been using our products for 30 years in the premium segment where we have established a firm presence," Mr Deepak Bhandari, Associate Director, Win-Medicare Private Ltd (Distributor for Modi-Revlon) said. On the expansion plans, Mr Bhandari said the company is trying to woo customers in non-metros and is opening stand-alone Modi-Revlon outlets in these cities. For instance, it has recently opened its first stand-alone store in Kanpur and has been making a profit of around Rs 4 - 5 lakh per month. The company plans to open such exclusive stores in about 30-40 townships throughout the country by 2007.
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