French beauty products retailer, Sephora on Saturday launched its first store in Gujarat at Ahmedabad, with a range of exclusive brands including Benefit, Caolion, Smash Box, Aveda, Percy. This brings a more diversification for Sephora India's master franchisee Arvind Fashions Limited.
After the launch of its 23rd store at Nexus Mall-operated AhmedabadOne mall in the city, the company is now planning to take its tally to 50 stores by 2020. In Gujarat, the company looks to open stores in Surat and Vadodara.
Sephora - a brand of LVMH Moet Hannessy Louis Vuitton entered India market in partnership with Arvind Fashions in 2015. Vivek Bali, CEO, Sephora India at Arvind Beauty Brands, stated that since its India entry, the brand has grown with a CAGR of 63 per cent and gained a market share of 28-30 per cent in the USD 1.2 billion (roughly Rs 8600 crore) premium beauty market in the country.
"Our target is to open 6-8 stores every year and reach 50 stores by 2022. The premium category market is growing at 18 per cent, but we have clocked a CAGR of 63 per cent over the last four years," said Bali.
Sephora emphasises on make-up, skin-care, fragrances, bath and body categories, beauty accessories and haircare categories and offers a curated assortment of 110 top beauty brands including Sephora Collection, new brands, beauty classics, cult favourites and emerging brands.
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