10 December 2022, Mumbai
The Body Shop hopes to double the India business in three years. The UK’s beauty products company sees India as among its fastest growing market thanks to a young population and a growing middle class.
India is now among its top five markets in terms of annual sales. The Body Shop has 200 stores in India and plans to add another 100 stores by 2025. The company is also pushing its e-com business which is now 25 per cent of its annual sales, compared to ten per cent pre-Covid, and is adopting an omni-channel approach. Globally, as in India, The Body Shop operates on a franchise model. The beauty company will have all its products certified by the Vegan Society by the end of 2023.
India is the fourth biggest beauty and personal care market globally in terms of revenue. The Indian beauty and personal care market is expected to grow at a compounded annual growth rate of 6.5 per cent in the period between 2022 to 2027. Apart from bigger companies such as Unilever, Procter & Gamble and L’Oreal, there is a flux of other players such as Revlon, Mama Earth, Sugar, Lotus Herbals and MyGlamm pushing sales either through stores, multi-brand platforms like Nykaa or their own direct-to-consumer channels.
