Ripple Fragrances, the fragrance division of the NR Group, is looking to expand its product offerings, particularly in the lifestyle aroma and personal care segments, and diversify into newer markets to grow its business.
The company, which recently launched a men’s deodorant range under the DNA brand, is now looking to add a women’s deo range in a month. Plans are also afoot to roll out luxury bath and body products under its lifestyle aroma brand Iris.
According to Anik Banerjea, Chief Business Creator, Ripple Fragrance, the company had, in 2004, launched a deodorant range. However, it later exited the market due to intense competition.
“When we exited, the market was still small; however, it has now exploded and is currently over ₹3,000 crore. So we feel there is space for more companies to grow,” Banerjea told BusinessLine.
The company, which is currently test-marketing its deo range in the top five cities, plans to expand its offerings across the country. “We have over one lakh outlets and a sales team of around 350 people and a footprint in close to 200 cities. So we will be looking to take our offerings across the country,” he said.
The company has grown at 35-40 per cent so far this year despite the economic slowdown impacting discretionary purchases. With rising disposable income and changing consumer preference for decorating homes with fragrant products, the growth will be higher in the years to come, it believes.
“The air freshener market in India is estimated to be close to ₹600 crore and it includes the entire gamut of home, car and bathroom fresheners. While the market has been growing at around 20 per cent we have witnessed a higher growth at 35-40 per cent. Now, with these new product launches, we are looking at a higher rate of growth of 45-50 per cent,” Banerjea said.
While room fresheners account for nearly one-third of the total market at ₹200 crore, car fragrance is estimated to be close to ₹100-150 crore while bathroom fragrance makes up around ₹140 crore. Ripple holds around 15 per cent share in the room freshener market and around 4-5 per cent each in the car and bathroom freshener markets.
The lifestyle aroma segment, which includes aroma candles, reed diffusers, potpourri and fragrance vapourisers, is estimated to be close to ₹100 crore. Ripple holds around 50 per cent of the lifestyle aroma market. The company recently launched luxury soaps under the segment and is also looking to roll out bath and body products.
Ripple currently has seven aroma boutiques, primarily in the southern markets of Bengaluru, Chennai, Hyderabad and Mysuru. It is looking to add 10 more in the coming fiscal in Mumbai, Ahmedabad, Chandigarh and Delhi-NCR apart from expanding its presence in the existing markets.