Monday, July 4, 2022

Revlon India keen on growth

The joint venture between Umesh Modi Group and Mundipharma Group of Switzerland along with Revlon of US had introduced Revlon cosmetics brand in India in 1995

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 Cosmetics player Modi-Revlon is keen to grow in India – notwithstanding its US parent Revlon Inc filing for bankruptcy in the US. Umesh Kumar Modi, Chairman and President of Modi-Mundipharma Beauty Products Pvt Ltd, known as Modi-Revlon said that the Indian company was on “an aggressive growth path in India and leveraging all sales channels”, reported ET quoting from an email interaction.

The joint venture between Umesh Modi Group and Mundipharma Group of Switzerland along with Revlon of US had introduced Revlon cosmetics brand in India in 1995. “We are starting to play to the full potential of our portfolio and continue to expand exclusive brand outlets, presence in department stores and … mom-and-pop stores through distributors,” Modi said.

Revlon, the report stated, was unable to cope with the changing tastes as women opted for more muted tones in the 1990s, according to analysts

Revlon, in fact, has been witnessing “record consumer offtake growth in these formats after Covid-induced disruptions”, Modi mentioned.

ET also mentioned in the report that executives at two retail chains said that the cosmetics company had reduced exposure in malls in the face of competition from global and other new age brands. Modi-Revlon competes with Lakme, Maybelline and L’Oreal in lipsticks, nail paints and hair colour, but also with new age online or D2C entities like as Nykaa, Sugar and MyGlamm.

Revlon, the report stated, was unable to cope with the changing tastes as women opted for more muted tones in the 1990s, according to analysts. Global brands like MAC Cosmetics, Estee Lauder, Clinique and Bobbi Brown have been expanding market share in India through standalone stores across malls, as well as through marketplaces.

On its part, Revlon has been pushing for growth on online channels: “Our online sales have increased from a mere 5% three years ago, to represent 18% of our sales,” Modi said. The company is enhancing its digital marketing and direct-to-consumer operations.

Modi did not comment on media reports that Reliance Industries was considering buying out Revlon Inc in the US, and if it could alter Modi Revlon’s association in India. He said the partnership between Modi-Mundipharma and Revlon is in its 27th year and it was “lifelong”.

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Gyanendra
(Gyanendra has been teaching and writing for the last 15 years. His passion for teaching keeps him engaged. He keeps a keen interest in Sports and Current Affairs.)

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