Colorbar Cosmetics eyes Rs 500 cr turnover by next fiscal

Home-grown brand Colorbar Cosmetics is looking to double its turnover to Rs 500 crore by next fiscal, helped by new products and increased distribution network.

The company, which is aiming to become a global brand by 2018-19, plans to invest Rs 150 crore in the next five years to open new standalone stores and re-brand and repackage its products for global markets.

"We are looking at achieving Rs 500 crore turnover by end of next fiscal. We are growing faster than the market, at over 50 per cent year-on-year. We offer international formulations at affordable prices. Our aim is to make Colorbar a global brand by 2018-19," Colorbar Cosmetics Founder and Managing Director Samir Modi told PTI.
 

The company's is expected to close the current fiscal with turnover of Rs 275 crore.

Modi said the company is looking at focusing on the global markets with presence in Middle East, CIS markets, Africa and ASEAN region.

At a later stage the company will look at entering Europe and the US.

"We have small presence in Abu Dhabi and Dubai. We are working on re-branding and repacking our products for international markets. In six months time we will enter these international markets in a phased manner," he added.

The company's products are available across over 1,100 stores. Colorbar earlier had presence in 2,800 outlets, but the company scaled it back due to problems of fragmented distribution.

It also sells its products through 67 company-owned stores which have beauty advisers to guide consumers with their purchases.

"We are looking at ramping up standalone stores network. We want to open 250 company-owned outlets in 5 years time," Modi said.

On new products, he said the company is adding 250 stock keeping units (SKUs) every year and at present sells about 700 SKUs.

"Apart from makeup products, we are also looking at strengthening our skincare offerings. For this, we are also open at acquiring a reputed brand if something comes our way," he added.