US-based Avon, the Fortune 500 cosmetics major, has chalked out plans to invest US $7 million in India over the next two years.
The $5 billion company, which had set up its 100% wholly owned subsidiary in 1996 called Avon Beauty Products, has already invested US $5 million in the country.
As part of its overall strategy to penetrate the upper end of the cosmetics business, Avon has launched its latest product in skincare named "Anew-SPF 15".
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"Anew has been specifically formulated, using breakthrough technology, to smooth, hydrate and retexturise skin and visibly reduce the appearance of fine wrinkles", says David Gosling, President, Avon Beauty Products (India).
"Anew" contains a blend of AHA to exfoliate the skin, antioxidants, Vitamin E acetate and beta carotene besides sun protection factor (SPF) 15 and moisture retention complex.
"Anew" would be initially launched in Delhi and be available in two packs, the 50 ml pack will cost Rs 750 while the 15 ml pack will be priced at Rs 280. The company, which distributes its range of products through direct selling instead of retailing, would subsequently launch the product in the other metropolises.
"Avon, which is a leading company in the use of alpha hydroxy technology, has generated more than US $600 million in sales with its original Anew formula since its introduction in 1992.
Now available in 125 countries, Anew is a world wide brand targeting ageing skin", said Gosling.
Besides skincare, Avon has also introduced its range of products in fragrance and colour cosmetics in the country and is planning to set up its own manufacturing centre.