Plum Goodness, the homegrown D2C brand aims to double its revenue to ₹500 crore in FY23, said a top official. The brand plans to triple its store count and over 100 SKUs in the fiscal year.
Speaking to businessline, Shankar Prasad, Founder and CEO of Plum said the company has seen steady growth for the past nine years. The brand, which has recently had series C funding, is now looking at fast-paced expansion.
When asked the rationale for the expansion right now, he explained, “Earlier the skincare and makeup segment was ruled by a select few players, and customers had fewer choices. However, over the past few years, there has been a lot investment in this segment into R&D, technology, strengthening of existing categories and the potential into newer categories. Hence, we feel that this industry has now started to achieve a maturity where existing players like us also can accelerate our growth.”
As of FY22, the brand had generated revenue to the tune of ₹250 crore, Prasad said that the company aims to double its revenues in FY23 to ₹500 crore. “We are also close to being EBITDA positive,” he said. It recorded a 2.5x growth in business last year.
Plum started off as an online platform. It has now added brick and mortar stores, too. Currently, it has eight exclusive brand outlet stores. It its also present in 1,200 assisted sales stores and over 12,000 unassisted sales stores. From an online perspective, it is present in 60,000 pincodes.
It plans to add over 20 exclusive brand outlet stores to take the number to 30 in FY23. It will add more 200 more assisted stores and 6,000 unassisted sales stores to its offline network across India.
Prasad said, “At least 60 per cent of our sales come from online sales and 40 per cent comes from offline sales. A large chunk of our sales come from the tier 2 and tier 3 markets. We want to expand our offline network as well. We want to deepen our presence in existing cities.”
The Mumbai-headquartered Plum was founded in 2013, and has grown to 300 SKUs. In this fiscal it has added about 100 SKUs. For the second half of FY23 too, it has plans to add about 12-13 SKUs every month.
“For us, skin care is our mother category and generates 50 per cent of the sales for us followed by makeup and haircare. Phy, our men’s segment too has started contributing single digit sales, and we’re going to accelerate this segment as well.”
Speaking about the categories that the company plans to expand into, Prasad said that Plum plans to strengthen its serums, hair specialist products, sunscreens and eye creams segment.