L’Oréal plans growth blitz to double India biz in 3-5 years

livemint.com:

NEW DELHI : French beauty products giant L’Oréal plans to double its India business over three to five years, growing at twice the pace of the local personal care market, expecting higher disposable incomes to spur demand for hair colours, skin care creams and fragrances. L’Oréal, which entered India in 1994, sells a range of beauty, personal care and coloured cosmetic products under brands such as Garnier, Maybelline New York, L’Oréal Paris and Kiehl’s. Garnier, its mass market brand for hair colours, shampoos and skin care products, is the company’s largest brand in the country.

“From our perspective, the idea is very clear—We are No. 1 in the world and No. 2 in India.

Can we grow to become No. 1 in India in coming times?," said Aseem Kaushik, managing director, L’Oréal India. HUL with brands such as Lakme is the largest in the beauty and personal care market.

Kaushik has spent close to three decades with L’Oréal and took over as India MD earlier this year. “We want to grow two times the overall beauty market in the country. Over the next three to five years, India’s beauty market is set to grow between 8% to 10%.

Irrespective of the growth rates, the mandate will remain the same i.e. to grow two times the overall market. If the market remains dynamic, we would probably double our business in the next three to five years," said Kaushik added.

Kaushik said India’s economic fundamentals are very “sound" thanks to its demographic dividend, with half the country’s consumers still under the age of 30. Kaushik said growth will be driven by skin care, apart from greater presence of its global brands across channels such as specialty retail stores, e-commerce, pharmacies and mom-and-pop stores. In India, its products, led by