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Direct selling FMCG company Amway India now plans to focus on the Rs 3,800 crore men's grooming products market.
The company has on Wednesday launched its new range of men's grooming products under the brand name 'Dynamite' in Pune. The new product range includes face wash, shave foam, deodorant, shaving cream, whitening cream, after shave splash and hair cream. This market is expected to reach at Rs 5,300 crore by 2016.
Speaking about this, Sanddep Prakash, regional head, Amway India-West said, "The Indian market is one of the fastest growing markets globally for men’s grooming and personal care cosmetics and men’s skincare has increased by 32 per cent overall over the last two years. Currently, there are very few active players in this category and we don't want to loose this opportunity. Hence, having identified this strong latent need and in cognizance the whole new Dynamite range has been launched."
The company is also planning to introduce few products in healthcare and beauty sector. Between January and June 2013, the company has recorded a turnover of Rs 313 crore in Maharashtra, compared to Rs 265.23 crore in the same period last year.
Amway India, which offers 142 products in five categories of personal care, home care, nutrition and wellness, cosmetics and great value products, now procures its products through seven third-party contract manufacturers. Amway India is a wholly-owned subsidiary of US-based Amway Corporation. The company aims to take its net sales revenue in India to about Rs 5,000 crore by 2020. Last year, the company had clocked a turnover of Rs 2,288 crore in the country compared to Rs 2,130 crore in 2012.
Amway is setting its new manufacturing facility at Nilakottai in Tamil Nadu by 2015. The construction at the site has already started and the commercial operation at the facility is likely to commence by mid-2015. The company is investing around Rs 500 crore in the plant spreading over 49 acres of land. This is Amway's third plant other than USA and China.
