Colorbar looks to go public in three years
Modi Enterprises plans to take cosmetics firm Colorbar public within three years, betting on robust prospects of the Indian beauty and personal care market.
Speaking to ET, managing director Samir K Modi said Colorbar will touch Rs 1,000-crore revenue next fiscal and expand in international markets.
The company currently owns and operates Colorbar, 24Seven, and Modicare brands.
Modi said Colorbar is the fastest growing brand among the three and will go public first while loss-making 24Seven may post a financial turnaround in FY25.
«Together, these brands generate about Rs 3,000-3,500 crore revenue but we expect Colorbar to grow 50% this year and with the plan of increasing exports to international markets, we believe it has a potential to grow faster,» Modi said.
According to a Redseer report, India's beauty and personal care market will grow at the fastest pace among comparable countries with a compound annual growth rate of 10% between 2022 and 2027, swelling the market size to $30 billion from $19 billion currently.
The segment is also seeing interest from retailers such as Tata group and Reliance Retail, which opened their own beauty product stores to compete with the likes of Nykaa and Dabur-owned NewU.
Colorbar reported revenue of Rs 530 crore in FY24. In the next three years, exports are expected to contribute 10-15% to Colorbar's total cosmetic business, he said.
On Godfrey Phillips India — the principal business of Modi Enterprises — announcing plans to exit 24Seven, Modi said he is personally not
