Mumbai: India's beauty market will continue to report growth—both online and offline—helped by demand for personal-care products such as skin cream, lipsticks, and perfumes, according to Aseem Kaushik, managing director, L’Oréal India. Kaushik has spent close to three decades at the French firm, and took charge of its India business last year. L’Oréal, the world’s largest beauty company, entered the Indian market in 1994 and sells a range of beauty and personal-care products under brands such as Garnier, Maybelline New York, L’Oréal Paris and Kiehl’s.
In FY23, L’oreal India Pvt Ltd reported a 33% jump in revenues at 4,994 crore and a 17% increase in net profit at 488 crore. Volumes of fast-moving consumer goods have been under some pressure over the last few quarters—how has growth been for L’Oréal India? Yes, there has been a slowdown in the . Because we don't play in rural India; and within urban India, we are on the top-end of the segment serving 300 million people—so we are shielded.
Other companies are also reporting growth in their beauty portfolio, which is a good sign because it corroborates our overall estimation of the market. There will be headwinds in India, but from an overall macro level of 3-5 years, I think it's going to be quite a dynamic industry and category. Is the company on track to double India business in the mid-to-near term? Yes.
The idea is that we want to be a Euro 1 billion business in the next 3-4 years. We are on tr.
