Cosmetics company Modi-Revlon, a joint venture between the Modi group and international cosmetics firm Revlon, today said it will open 100 stores in the next three years.
"India has always been a priority market for Revlon with its ever-growing appetite for retail spending. These are exciting times for the company here as we are broadening our target horizon and plan to invest around Rs 25 lakh per store and plan to reach 100 stores in next three years," Modi-Revlon chairman and chief executive Umesh Modi said in a statement.
"The stores will be primarily located in malls across the country providing the consumers direct and easy access," he added.
Revlon and Modi Group have a life-long contract in a ratio of 26:74 per cent.
The company opened its first standalone kiosk in Delhi NCR and the company plans to open 20 stores or kiosks in the current year.
The company expects a turnover of Rs 300 crore in the current year.
"Colour cosmetics have always been the key focus for Revlon and contributes close to 70 per cent of our business in India. With the current cosmetic industry standing at a USD 256 million, Revlon enjoys nearly 14 per cent of its overall share and has 30 per cent of market when it comes to only colour cosmetics," Modi said.
