 "Nicole Tan")
India is high on the list for multiple prestige beauty brands, said Nicole Tan, the president and Asia-Pacific (APAC) chief executive officer at Japan's Shiseido on Tuesday. The over 150-year-old Japanese beauty brand operates in about 120 countries and regions, and competes for Indian customers with New York headquartered MAC Cosmetics, and the US-based Rare Beauty from Selena Gomez.
Prestige beauty products are typically priced at a premium, and sold through high-end department stores and boutiques.
Tan — who was in India for the launch of the company's make-up brand NARS Cosmetics — said the Indian economy is very resilient and the consumer is ready for international brands, and added India was an extremely important market for the company.
Tan feels that the Indian beauty market is going to grow at a double-digit compounded annual growth rate (CAGR) for the next five to ten years and reach $20 billion by 2025.
“We know that in the next 5 to 10 years, the Indian beauty market is going to be growing at a double-digit CAGR, which is much more exciting and a much higher number than we've seen in many other markets in the world,” Tan said.
The company, which first entered the Indian market in 2001, said the prestige beauty segment it competes in will grow at a CAGR of about 15 per cent in the country, "which actually in itself is extremely interesting, if we just look at those overall numbers. That puts India on the list up there for many brands, and not just us alone,” Tan added.
The rise of internet, influencer culture, and travel has meant young Indian women consumers have gained a lot of exposure to international brands through various means over the last few years.
Also, another reason to bring NARS Cosmetics into the country right now is because the company sees that Indian women are entering the workforce and income levels are also increasing, along with the market being better placed now with organised retail, which provide accessibility and reach.
The cosmetic brand will be available across three shop-in-shop touch points at Shoppers Stop, ten Sephora outlets, and a free-standing store in Select Citywalk in New Delhi. Online, it will have a presence on Sephora online stores in the country and through Shopperstop.com.
Tan said that the aim is to double the distribution reach of the brand offline next year.
