UK-based skin care solutions provider, The Body Shop, today said it will ramp up its presence in India by over four-fold in the next three years to tap the market and has cut prices of over 600 products by up to 35 per cent to push volumes.
The company, which sells products such as facewash, body lotions, lipstick and many others, had already cut the prices of over 200 products in the last 12 months.
"The Indian market is very important for us. It was the fastest growing in the Asia Pacific last year and it will again be the fastest in this year also," The Body Shop International (Asia Pacific) Managing Director Jonathan Price told reporters here.
On its strategy to drastically reduce the rates of its products, Price said, "We want to be more affordable and accessible. Since last March, we have permanently cut the rates of all our products by up to 35 per cent."
He said the company's margins have squeezed because of this step, but the UK-based firm and its Indian franchisee made the "sacrifice" to reach to "every" household here. The company's products will now be available between Rs 125 and Rs 1,999 after the price cuts.
India will be the pillar for the company's future in coming years as the country has potential to continue its growth, Price said. The company's Asia Pacific operations include 16 nations, including some of the biggest consumers like Japan, Australia, Korea and Taiwan.
The Body Shop earned an annual revenue of over 1 billion euro last year through its 2,500 stores across 65 countries. Elaborating on India plans, the company's franchisee partner in the country -- Planet Retail Holdings -- said it will increase its network to 65 outlets in next one year from the existing 30 stores.
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"Besides expanding to tier-II and III cities, we will also augment our presence in the metro cities... Our target is to reach 150 outlets within next three years," Planet Retail Holdings Chief Operating Officer Sameer Prasad said.
While most of the stores will be company-owned, the firm will also market its products through multi-brand departmental stores, he added.
Without divulging the current Indian turnover, Prasad said the company is targeting Rs 100 crore sales in the next 12 months, which it hopes to touch to Rs 250-300 crore in the next three years.