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McNROE, the maker of Wild Stone brand of deodorants, will enter new categories in the men’s grooming segment and expand its product portfolio.
“We will enter new categories that could include men’s grooming. Due diligence is still on. Expansion could be organic or inorganic, depending on resources,” Narendra Kumar Daga, MD, McNROE, told BusinessLine .
Headquartered in Kolkata, the company is the second biggest deodorant maker in India after Vini Cosmetics, which makes Fogg.
Fogg has a 16 per cent volume market share, while McNROE’s Wild Stone and Secret Temptation together accounted for 9.9 per cent during Q1 of FY19, followed closely by ITC’s Engage and Nivea, said a Nielsen report.
Hair care boom
In recent times male grooming has been a growing market in India. While deodorant and fragrances have seen the highest traction, hair grooming solutions are seen as the next most popular category.
This apart, beard and moustache grooming solutions like beard oil, gels and washes have emerged as new growth segments. Apart from Indian FMCG companies like Marico that are increasing their presence in such specialised categories, a number of start-ups such as Ustraa, Beardo, and The Man Company have a significant presence.
Sources said McNROE could explore entry into any of the segments where it does not have a presence like beard grooming. Daga did not specify the categories into which the company would enter. “We are looking at consumer insights,” he said.
Product portfolio
Wild Stone’s product portfolio currently includes deodorants, perfumes, after-shave lotions, talcum powders, soaps, shaving creams and shaving brushes. The entry into new segments is also likely to boost the company’s topline. From a ₹408-crore turnover in FY18, McNROE is targeting a three-fold jump by FY-22.
McNROE is also planning to consolidate its presence in Pakistan, Bangladesh, Sri Lanka and Nepal as part of its expansion strategy. Exports currently account for 4 per cent of its turnover.
According to Daga, distribution will also be ramped up to 600,000 points by the end of this fiscal from the current 340,000. It will increase focus on tier-II and III cities and smaller towns.
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