New Delhi: Cosmetics firm Revlon will enter into professional products space in India by next year to take on global rivals such as L'Oreal, Schwarzkopf and Wella Professionals.
The company, which is present in India through a joint venture with the Modi group, initially plans to import new products and later may consider manufacturing them in India.
"We are in the process of launching Revlon's professional products by next year. We will compete with companies such as L'Oreal and will introduce full product range," Modi-Revlon Chairman and Chief Executive Umesh Modi said.
The company estimates market for professional products to be Rs 1,200 crore annually. These products, used by beauty saloons and parlours and also retailed through them, include styling and colouring products meant for hair, skin and nail.
When asked about manufacturing plans of the professional products, Modi said initially the company would import them and later on it might consider manufacturing them in India.
Commenting on the overall sales growth, he said the company is targeting an increase of 30 per cent this year on the back of new items, such as 'Street Wear Color Rich' cosmetics targeted at young women.
"Market is sluggish and we have to bring in new customers. This kind of growth (30 per cent) is only possible if we tap areas which we did not tap earlier," Modi added.
On network expansion, he said Modi-Revlon plans to open 100 standalone Revlon stores in the next three years.
The stores will be primarily located in malls across the country providing the consumers direct and easy access.
At present, there are four standalone Revlon stores in the country.
