Recently, according to foreign media sources, in order to accelerate the layout of its Prestige and Consumer Beauty business units in the Indian market, Coty appointed Rizwan Mulla as the development director of its Indian business, and signed a strategic agreement with the distribution and marketing company House of Beauty.
Rizwan Mulla has extensive experience in operations management, business development and marketing from the renowned luxury retail management company Chalhoub Group, which is responsible for driving the beauty business in the region.
Kristina Strunz, Managing Director, South East Asia & India, Coty, commented: "We have witnessed the rapid rise of Prestige Beauty in India over the past five years, and it now represents one of the key opportunities for Coty's long-term growth in Asia, and the strategic investment in Coty's India business underscores our ambition to strengthen our strong position in the vast Indian beauty market. We are thrilled to have Rizwan and his team on board, and we are poised to accelerate the growth of the premium beauty and everyday beauty segments in this dynamic and exciting market." ”
In addition, Coty has signed a strategic distribution agreement with House of Beauty, a marketing and distribution company, which covers the launch of Kylie Cosmetics in India as well as the development of a retail marketing plan to engage and inspire millions of Kylie Jenner fans in India. House of Beauty has leveraged its expertise in brand building and distribution to build and scale a premium global beauty brand that will help Coty better launch and sell the brand.
Coty and House of Beauty signing ceremony.
Quest Retail, Group Chief Executive Officer of House of Beauty, said: "We are delighted to complete the collaboration between Coty and House of Beauty to add Kylie Cosmetics to our exciting beauty portfolio. We look forward to working with Coty to strengthen and optimize our country's product portfolio and hope to accelerate the rise of premium beauty in South Asia by allowing Kylie Cosmetics to shine in India." ”
Strunz added, "We are proud to partner with House of Beauty to help Coty meet the growing demand for Prestige Beauty in India, and Kylie Cosmetics represents a tremendous opportunity to drive Coty's business in India as the brand attracts more international visionary, friendly, authentic quality presenters." ”
Coty's beauty brands in India include Gucci Beauty, Burberry Beauty, Hugo Boss, Calvin Klein and D**Idoff, as well as consumer brands such as Rimmel, Maxfactor and Adidas. Coty achieved 65% revenue growth in India in FY2023 and expects its growth trajectory to continue. In Coty's Q1 2024 earnings report, Asia-Pacific accounted for 12% of Coty's sales, up 19% year-over-year, while India's market position as Asia's main distribution market is self-evident.
According to a research report released by Statista, a market data statistics company, the revenue of the beauty and personal care market in India in 2022 was 257At $2.5 billion, it became the world's fourth-largest beauty market, after the United States, China and Japan. There is also relevant data that suggests that the Indian beauty market is expected to reach $17.4 billion by 2025.
In recent years, as the potential of the Indian beauty market has been tapped, major beauty giants have entered or accelerated their business in the Indian market.
In the second half of this year, L'Oreal, Shiseido and other companies have entered the Indian market with their brands in order to expand their Indian business. Among them, Urban Decay, a well-known makeup brand under L'Oréal, officially entered India through the Indian beauty e-commerce giant NYKAAThe Shiseido Group's makeup brand NARS also made its debut in India in October. Previously, it was reported that Revlon plans to add more stores in India in order to expand its business in India. In addition to this, in early November, Sephora entered into a partnership with India's largest retailer, Reliance Retail Ventures Limited (RRVL), which will have exclusive rights to Sephora's physical stores and e-commerce channels in India to expand its presence in the Indian high-end beauty industry.
On the one hand, India, as a populous country, has a huge demand for beauty consumptionOn the other hand, with the increase in disposable income and the increasing awareness of skincare, the Indian beauty market has become a market with great potential. According to United Nations estimates, India's population could reach 14 on April 14, 2023With 2.5 billion people, it is the most populous country, and the population structure is very young, half of the population is less than 25 years old. In addition, India's e-commerce sector is also growing, which will help India accelerate the development of its beauty industry.