According to Sunanda Khaitan, Vice President of Lakme, in an exclusive interview with TOI small packs or minis are the latest trend in the beauty space as consumers want to experiment with a wider range of products without spending a huge amount of money. In addition, consumers are looking for on-the-go beauty products that are easy to use and store. It gives them the flexibility to try a greater number of products without making a hole in their pocket. This trend will be huge with Gen Z as they enjoy experimenting and many of the big brands in the beauty space will also start making minis to ride on this wave.
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Today, the makeup market in India has a penetration of less than 30%. Besides, the increase in quick commerce and other new channels is helping this growth. Apps such as Swiggy and Zepto are being used to buy and stock makeup products such as kajal and nail polish removers. Khaitan added that people are even buying Lakme lipsticks priced at Rs 1,100 through these quick commerce portals.
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In the recent past, a lot of new homegrown and global brands have come up in the market. These brands have affected the market share of big brands, but the more important point is to remain relevant. Lakme has decided to democratise makeup and imbibe the latest trends at affordable pricing. It is investing a lot in the digital space now as most consumers are found in this space. Khaitan said that Lakme does not spend on conventional media TV advertising anymore and is invested only in digital advertising. The company is understanding the minds of the people through digital mediums such as Snapchat, Meta, Spotify, and Lakme Fashion Week.
