The Good Brands Co, part of the Good Glamm Group is betting big on low per capita consumption of beauty brands in India offering strong growth opportunities for new-age brands despite the ongoing macro-economic headwinds. The beauty unicorn, known for its content-to-commerce strategy, is also focusing sharply on profitability.
Sukhleen Aneja, CEO, Good Brands Co, part of the Good Glamm Group told businessline, “India offers a massive opportunity for consumption-led demand. As our per capita consumption of beauty products in the country is very low compared to more mature markets. So there is a massive headroom for growth for insurgents brands.”
“During the pandemic, there was a rise in internet adoption and online shopping. A lof of that growth has now shifted to offline as consumers are spending more and more time out-of-home. So while online growth has petered down to a more realistice growth curve, offline growth has seen a resurgence,” she added.
In FY23, the beauty and personal care company garnered a growth of about 300 per cent and expects to witness a growth of about 200-250 per cent in FY 24. “Our biggest growth driver is undoubtedly our content creator community engine which has ensured that all the brands that we have acquired have grown between 200-400 per cent in the last year. This strategic moat is proprietary and allows us to cross sell the new brands to our existing base of customers,” she added.
The company’s beauty and personal care portfolio includes its leading brand MyGlamm besides St Botanica, The Moms Co, Organic Harvest, Sirona and BabyChakra. “Our aim is to achieve sustainable growth. So while we will continue to focus on growing the top line, there is also a strong focus on profitability,” she added.
Aneja pointed out that the post-pandemic times, the consumers’ shift towards clean beauty products has further strengthened. “Our entire portfolio is well positioned to leverage on this consumer shift. Also, consumers are looking at more value for their money and hence as a strategy we also focusing on the pricing our products right across channels,” she added.