20 Sep 2023
L’Oreal aims to grow at double the pace of the Indian beauty industry and reach 1-billion Euro target in the next 3-4 years.
According to L’Oreal India MD, Aseem Kaushik, the Indian beauty market is targeted to expand at a 9-10% CAGR and the brand wants to grow at double the pace of the industry. About 25% of the company’s growth is from emerging markets and India is the leader in this segment. The consumer profile in India is about 229 million consumers getting more than $20 per day and L’Oreal has more than 50% of these consumers in terms of acquisition and penetration. The brand has gained immensely from the online mediums too.
In the last three decades, since L’Oreal came into existence, the beauty and personal care market has changed drastically with hair accounting for 46% of the $10-billion pure play beauty market and segments like hair colour constitute a big pie of this space. Hair care stands at 20%, hair oil at 16% and hair colour at 10%. Skin makes up for a big chunk of 30% while hygiene is at 7% and fragrance at 2%. Makeup has seen a huge jump and it now accounts for 15% of the market.
