Elder Healthcare is planning to introduce a complete range of solutions in the women's nail colour segment in India, targeting to capture 10% of the estimated Rs 250 crore market.
The company which has forayed into the nail colouring market with the launch of its nail paint range - Rhyme, will introduce nail polish remover at a later stage.
It is also eyeing neighbouring markets including Sri Lanka and Bangladesh with its new range of products.
Elder Healthcare Ltd Managing Director Anuj Saxena said: "Nail varnish is becoming the top selling fashion accessory and beauty business and is likely to grow in double digit in coming years."
He said the overall colour cosmetic market, including lipsticks, in the country is estimated to be around Rs 1,200 crore and is ever growing.
Bullish on its new business, Elder Healthcare Ltd President Nagesh Rajanna said: "The company plans to capture 10% of the nail colour market of Rs 250 crore in the first year of its launch."
Elder is also planning to make forays into other overseas markets, including Sri Lanka and Bangladesh, Rajanna added.
The company has initially launched Rhyme in North Indian markets of Delhi, NCR, Chandigarh, Punjab, Haryana, Uttar Pradesh, Rajasthan and Uttarakhand and plans to go across the country within next six months, he added.
Besides marketing through the existing distribution network, the company is also looking to use various new routes like cinemas and outdoor publicity for pushing the brand.
The company, which gets 85% of its revenues from in-licensed products, looking at growing its own brands as a long-term strategy.
"The company wants to increase the revenue contribution of own brands to 50% over the next three years," Saxena said.
Elder has a mix of own and in-licensed products in segments like pain management, deodorants, oral care, lip care, colour cosmetics, dermatological products and salon products.
