New Delhi, April 26
Diversifying its product portfolio, cosmetic company Modi Revlon Pvt Ltd launched its skincare range `Reveal' on Wednesday. With the launch of the range that comprises nine products, the company is targeting a 20 per cent share of the Rs 70-crore premium cosmetics market, which comprises around 4 per cent of entire skincare industry, by 2007.
"In line with the business strategy, our focus is to capitalise on the potential for the growing skincare market. Hence, we are introducing Reveal," said Mr Umesh K Modi, President and Chief Executive Officer, Modi Revlon, pointing out that this segment sales are growing at 27 per cent annually.
The new range, targeted at 30-plus women, is priced at Rs 300-750.
The Rs 1,500-crore skincare industry in India is growing at eight per cent per annum and anti-ageing products account for 25-30 per cent of the total market.
Mr Modi also said that he plans to set up a fragrance manufacturing facility in Modinagar (Uttar Pradesh), which would cater both to the domestic and overseas market. The facility is expected to be operational by September.
The company clocked a turnover of Rs 135 crore in calendar year 2005 and is eying sales of Rs 175 crore by the end of the current year.