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