The company is planning to step up its presence in this segment and is aiming to grow at 40 per cent this year. To step up presence in the segment, eyes 40% growth
Modi Revlon is exploring the possibility of launching India-specific brands in the hair colours segment.
Currently, the company is test marketing a hair colouring brand by the name of Top Speed in the southern markets.
In fact, Top Speed is a brand that has been created specifically for the South-East Asian countries, but in India the company is trying out its acceptability as a sub-brand under the umbrella brand of Revlon.
Speaking to Business Line, Mr Deepak Bhandari, Marketing Manager, Modi Revlon, said, "All this time we were picking and choosing the brands from our international portfolio. But now we will be creating region-specific brands for countries such as India and China especially in the hair colouring segment.''
Growing between 20 and 25 per cent in the hair colours segment with its brands such as Colour Stay, the company is planning to step up its presence in this segment and is aiming to grow at 40 per cent this year.
To beef up offerings
Besides, the cosmetics major is also planning to beef up its offerings on the skincare and fragrance segments and will be pitting its products against the might of big players such as HLL and L'Oreal at the premium end of the market.
Having forayed into skin care with its new brand - Reveal, there are plans to stretch the brand into areas such as whitening and anti-aging products much along the lines of what Pond's and L'Oreal are already offering in the market.
At the same time, Reveal will also offer the mass range of skin care products such as cleansers, toners and moisturisers.
Meanwhile, Modi Revlon plans competing against HLL and Henkel in the body sprays category with its products. Having entered the men's fragrance market in the recent past, it now intends stretching the equity of existing fragrance brands such as Charlie and 24/7 in this segment. The company has also set up a separate plant to manufacture its fragrances at Modi Nagar near Delhi, which would become operational by 2007.
Elaborates Mr Bhandari, "The body sprays segment is growing between 30 and 40 per cent and we intend making a mark in this category and will be pitting our men's fragrance brands against brands such as Axe and Fa." In fact, in the recent past, Modi Revlon has managed to upstage HLL in the lipsticks category with a 34 per cent value share in the category, with HLL's Lakme lipsticks trailing at 32 per cent as recorded by AC Nielsen. Currently, 70 per cent of its turnover comes from its colour cosmetics range. The Rs 115 crore joint venture company has been growing at 25 per cent on a year-on-year basis.