Bewakoof, a youth-focused D2C brand, expects its revenues to touch Rs 1,000 crore in the next two years as it adds new product categories and strengthens its retail presence across various digital platforms.
The company, which currently has annual sales of about Rs 300 crore, has launched 'Cosmos' to tap into the fast-growing beauty segment in India.
Prabhkiran Singh, founder, and Chief Executive Officer of Bewakoof said as a brand, Bewakoof has carved its space in the minds and hearts of millennials with its fashion range of apparel, backpacks, flipflops, and mobile covers.
"As a brand, we have been around for nine years and are among the largest D2C brands in the fashion space, we have sales of close to Rs 300 crore...The future is to look beyond fashion, and we want to become a lifestyle brand. We have launched a beauty brand and will also add categories like home and living in the future," he added.
Singh said overall as a business, Bewakoof is looking to cross Rs 1,000 crore in two years.
"and with Cosmos itself, we would be disappointed if we don't cross Rs 100 crore in 18 months and Rs 140-150 crore in two years," he added.
Singh explained that the company has been working on extending its presence beyond its own platform and adding other online marketplaces.
Bewakoof also has a range of collaborations with Marvel, DC Comics, Looney Tunes, Star Wars, F.R.I.E.N.D.S, and Disney brands for various fashion products.
The executive noted that data shows that there is a strong demand for differentiated beauty brands that have efficacy, fair price and don't discriminate or propagate the idea of fair skin.
Instead, customers are looking at products that can address the problems for all skin types and help them enjoy healthy skin, hair, and body, he added.
Under the Cosmos brand, 43 products ranging from day and night creams to aftershave, bath salts, and serums are being launched that will be available on Bewakoof's platform as well as online marketplaces.
The company has been researching various beauty concoctions available in the market and has identified gaps that it can fill in by using minerals and giving it a twist with natural ingredients.
According to a June 2020 report by Euromonitor International, the Indian skincare and haircare industry is expected to grow to Rs 47,000 crore by 2024.
COVID 19 has driven the adoption of e-commerce as well as an uptick in new digital-only brands across various segments, including personal care.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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