Modi Revlon, the joint venture between the Umesh K Modi family and the US-based cosmetics giant, is planning to float an initial public offering (IPO) over the next two-three years.
Meghna Modi, executive director of Modi Revlon said, "We are planning to go in for a public issue in the next 2-3 years. By then, the company intends to achieve a turnover of Rs 100 crore from the present Rs 70 crore. Our strategy is grow the business by 40 per cent annually."
As part of its expansion plan, the company is also exploring the possibility of setting up salons in major cities.
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Modi said, "It is better to adapt the franchisee route but the interiors and layout of the parlour will be based on our design and style." The concept is similar to that of FMCG giant Hindustan Lever's Lakme brand of salons.
The company is also planning to introduce some of its global brands, the Ultima II, Absolute and Almay range of skin care in the market.
Modi said, "We are looking at launching some of the global brands from Revlon's portfolio but the issue is we cannot introduce products based on American success theory."
Revlon's brands in India include Revlon lipsticks and nail enamels, Colorstay range of make-up, Touch & Glow fairness product, Colorsilk hair colour, Flex shampoo and conditioners, Charlie and Fire and Ice colognes.
Modi said, "Fragrances will not be a focus area of the company as we are hit by the grey market."
To be at par with the grey market in price, the company has relaunched the Charlie brand and is available at Rs 150 against the earlier price of Rs 75 for a 150ml of bottle.
Revlon made its presence in India in 1995 through a tie-up with Modis in a 74:26 joint venture, with Revlon Consumer Products Corporation holding 26 per cent and the balance by Modi Mundipharma.