Bajaj Consumer Care plans to expand its hair oil brand – Almond Drop through the introduction of new products in the space of haircare and skincare, Jaideep Nandi, managing director, told BrandWagon Online. For instance, the company has rolled out its soap of 100 gms priced at Rs 52. “The aim is to create a portfolio of valued products targetted at the mass. And then build the value of each product at Rs 100 crore over the next two-three years,” he added.
According to industry estimates, the company currently has a 63% market share in Almond hair oil category which is valued at Rs 13,000 crore. In Amla hair oil category which is valued anywhere between Rs 17,000-20,000 crore, the company has a three percent market share. The company claims to have miniscule share in the coconut oil market, which it will look to build. At the same time, the company has launched a premium range of products under the brand Natyv Soul. As per Nandi, the brand will not carry any Bajaj logo and is being sold across e-tail platforms including Flipkart, Nykaa, Amazon, Purplle. These products are priced between Rs 499-999. “We have adopted a three-pronged strategy to drive sales. To begin with, we plan to build the Bajaj Almond has a mass brand, and then premium range under Natyv Soul besides cashing in on our distribution channel,” he explained.
The company is a late entrant into a market which is heavily dominated by firms such as Hindustan Unilever, ITC among others. “We believe that wherever we have a presence, we can work towards consolidating our position. I’m not looking at market share. I’m looking at building an umbrella brand under Bajaj Almonds. If as a consumer, you say that I want beauty products or personal care products, and we are able to solve 80-90% of their problem, then it’s good,” Nandi noted. We have increased our direct reach from 5.5 lakh to 8.5 lakh.
The company’s net profit declined 21.93% to Rs 174.54 crore in FY22 when compared with Rs 223.57 crore during the same period in the previous year. The company’s sales declined 3.61% to Rs 865.52 crore in FY22 as against Rs 897.97 crore in FY21. “There was an unprecedented increase in raw material prices, besides rural slowdown – these are some of the reasons behind the decline in profit and sales,” he said.