New Delhi, Jan 24 (PTI) Women's fashion brand Indya has forayed into the skincare segment and said it expects 15-20 per cent of its revenue to come from this category in the next 18-24 months.
Indya, which is owned by High Street Essentials (HSE) that also runs the FabAlley brand, will introduce 39 SKUs (stock-keeping unit) in the face care category with prices ranging Rs 250-1,450. These products will be available on the brand's website, exclusive brand stores, and online beauty marketplaces like Nykaa, Purplle, and Myntra.
'The USD, 2.5 billion skincare market, is one of the fastest-growing segments in India. By focusing our resources, robust logistics and marketing, and with our existing two billion-strong loyal customer base, we are aiming to grow this category swiftly,' HSE co-founder Tanvi Malik told PTI.
From a share point of view, with unique formulations and safe products, 15-20 per cent of brand Indya's revenue are expected to come from the skincare category in the next 18-24 months, she added.
The brand has partnered with a third-party firm to work on both formulations and production, HSE co-founder Shivani Poddar said.
She noted that millennial Indian women are now more aware and informed, and while they will always turn to kitchen blends for skincare solutions, they are now also ready to invest in safe and result-driven products.
'This has led to a gradual shift from ayurvedic skincare to more specific, ingredient-focussed clinical products. However, there is a dearth of Indian brands that can help today's customers with their specific needs. There are either Ayurvedic brands that are the frontrunners or luxury clinical brands that aren't accessible to the masses,' she said.
Poddar said the company identified the gap here to bring a homegrown brand that understands a woman's needs for proven scientific formulations and her affinity to Indian skincare blends that have been passed on from generations.
'With Indya Skin Care we aim to be a brand that is not only affordable and delivers results but also provides a form of self-expression to the millennial Indian woman... With our fashion brands already retailing at all large platforms, we were confident to adopt the same strategy for skincare, too,' she added.
Indya Skin Care products will be live on Nykaa Beauty, Purplle and Myntra by February 1, 2021 and the segment is expected to become a large business category for the company, she said.
In June last year, HSE had announced raising Rs 20.75 crore in funding led by SAIF Partners and India Quotient. In January last year, it had raised Rs 8 crore in venture debt from Trifecta Capital.
In total, HSE has raised over Rs 97 crore in equity funding and Rs 13 crore in venture debt.
Started in 2012 by Shivani Poddar and Tanvi Malik, HSE had reported net revenue of Rs 90.2 crore and a profit of Rs 1.3 crore in the financial year 2019. The company does not specify revenue contributions from the two brands. PTI SR SHW SHW