Renee has launched 250 products in only 29 months with an annual recurring revenue (ARR) of ₹100 Cr. Incepted in 2020, the brand has cemented its place in the beauty industry with high-quality and FDA-approved products. All the products are cruelty-free and multi-functional. The brand’s sales have increased by about three times between FY 2021-2022 and FY 2022-2023.
According to Priyank Shah, Co-Founder and Director, Renee Cosmetics, the brand has worked hard on digital communications, giving them recognition and awareness amongst consumers. It now covers all channels of distribution to remain omnipresent. It is available on all e-commerce portals including, Amazon, Nykaa, Flipkart, and Myntra. It also has 1,000 kiosks and shop-in-shops at airports, malls, and multi-brand outlets. Renee has opened exclusive brand outlets in the major cities of Lucknow, Mumbai, and Ahmedabad and intends to expand to tier 1, 2, and 3 cities.
Now the brand plans to continue with retail expansion, doubling its presence in beauty-advisor-assisted multi-brand outlets. It also plans to reach more airports and have more flagship stores. Presently, it is available in 153 cities and intends to expand to 350 cities by 2023 end. In terms of products, Renee expects to launch many products in 2023 along with starting ATL (above-the-line marketing) branding by the end of 2023.
Renee is now one of the mainstream beauty brands of the country, which is reflected through its annual recurring revenue of ₹100 Cr. It raised a round of Series B of $25 million, resulting in a total of $35 million in three rounds of funding. With the recent round of funding, the brand aims to become one of the top three beauty brands in India. At present, Renee has a valuation of $100 million.
