- 2023-12-22
- 阅读量：5587
- 来源｜Cosmetic Business Online
- 作者｜Shi Run Mei
The Next Gold Rush.
Recently, according to foreign media sources, Coty, in order to accelerate the layout of its Prestige (premium cosmetics division) and Consumer Beauty (mass beauty) business units in the Indian market, appointed Rizwan Mulla as the director of development of its Indian business and signed a strategic agreement with distribution and marketing company House of Beauty.Rizwan Mulla, who has extensive experience in operations management, business development and marketing from his previous role at the Chalhoub Group, a leading luxury retail management company, has been appointed to drive the growth of the beauty business in the region.
Kristina Strunz, Managing Director, Coty Southeast Asia and India, commented, "Over the past five years, we have witnessed the rapid rise of Prestige Beauty (premium beauty) in India, which today represents one of the key opportunities for Coty's long term growth in Asia, and this strategic investment in Coty's India business underscores our ambition to consolidate our position in the huge ambition to consolidate our strong position in the huge Indian beauty market. We are delighted to have Rizwan and his team on board as we prepare to accelerate growth in the premium beauty and everyday beauty segments in this dynamic and exciting market."
Additionally, Coty has signed a strategic distribution agreement with marketing and distribution company House of Beauty, which covers the launch of Kylie Cosmetics in India as well as the development of a retail marketing plan to engage and incentivize the millions of Kylie Jenner fans in the country.House of Beauty leverages its brand building and distribution expertise in building and scaling premium global beauty brands with proven success and can help Coty better launch and market the brand.
● Coty and House of Beauty Signing Ceremony
Quest Retail, Group CEO, House of Beauty said, "We are delighted to complete the partnership between Coty and House of Beauty to add Kylie Cosmetics to our exciting beauty portfolio. We look forward to strengthening and optimizing our country's portfolio with Coty and hope to accelerate the rise of premium beauty in South Asia by making Kylie Cosmetics a big hit in India."
Strunz added, "We are honored to partner with House of Beauty to help Coty meet the growing demand for Prestige Beauty in India, and Kylie Cosmetics represents a tremendous opportunity to drive Coty's business in India as the brand appeals to a more internationally minded, friendly, modern shopper of authentic quality."
Coty's beauty brands in India include Gucci Beauty, Burberry Beauty, Hugo Boss, Calvin Klein and Davidoff fragrances, as well as consumer brands such as Rimmel, MaxFactor, and Adidas.Coty achieved 65% revenue growth in India in FY2023 and expects its growth trajectory will continue. Asia Pacific accounted for 12% of Coty's sales in Coty's Q1 2024 results, up 19% year-on-year, and India's market position as a major distribution market in Asia speaks for itself.
According to a study released by Statista, a market statistics company, India's beauty and personal care market will generate revenues of $25.725 billion in 2022, making it the fourth-largest beauty market in the world, after the US, China and Japan. It is also indicated that by 2025, the Indian beauty market is expected to reach $17.4 billion.
In recent years, as the potential of the Indian beauty market has been explored, major beauty giants have entered or accelerated their operations in the Indian market.
In the second half of this year, there are L'Oreal, Shiseido and other companies in order to expand its business in India, have its brands into the Indian market. Among them, L'Oreal's famous makeup brand Urban Decay officially entered India through Indian beauty e-commerce giant Nykaa; Shiseido Group's makeup brand Nars also entered India for the first time in October. Earlier, it was revealed that Revlon is planning to add more stores in India in order to expand its presence in the country. In addition to this, in early November, Sephora established a partnership with Reliance Retail Ventures Limited (RRVL), India's largest retailer, which will have the exclusive right to operate Sephora's physical stores and e-commerce channels in India, in order to expand its influence in India's high-end beauty industry.
On the one hand, India, as a populous country, has a huge demand for beauty consumption; on the other hand, with the increase of people's disposable income and skin care awareness, the Indian beauty market has become a market with great potential. According to the United Nations estimates, on April 14, 2023, India's population may reach 1.425 billion people, becoming the most populous country, and the demographic structure is very young, half of the population is less than 25 years old. In addition, India's e-commerce is growing, which will help the country accelerate the development of its beauty industry.
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