Sensing a huge opportunity in men's grooming, Elder Health Care is eyeing a 7-8 per cent marketshare in the segment by 2010, a top company official said today.
"The men's grooming market is estimated at Rs 1,500 crore and is growing at 12 per cent on a year-on-year basis. Our current marketshare is minimal but with the launch of our 'Fuel for Men' range of men's grooming products, we expect it to be around 7-8 per cent by FY 10," Elder Health Care Managing Director Anuj Saxena told PTI here.
Elder Health Care, a part of the Rs 500-crore Elder Group, today launched its deodorant under the brand-name 'Fuel for Men' in alliance with Vandana Luthra's Vandana Luthra Curls & Curves (VLCC).
Elder Health Care would launch and market the product whereas VLCC would manufacture and do the formulation for the product at its R&D centre in France and other parts of Europe.
"The strategy revolves around increasing penetration in the market. Elder Health Care has a wide distribution network and we will leverage this to tap growing male grooming segment," VLCC CEO Vandana Luthra said.
"With this launch we intend to attain a marketshare of 5 per cent by FY 2010 from the deodorant market which is currently estimated at Rs 400 crore," Saxena said.
