WOW Skin Science Revenue: WOW Skin Science expects a 60% rise in net revenue to Rs 650 crore in FY23 | The Financial Express

WOW Skin Science expects a 60% rise in net revenue to Rs 650 crore in FY23

The company claims to have increased its marketing spend by about 40-50% to Rs 250 crore in FY23

WOW Skin Science expects a 60% rise in net revenue to Rs 650 crore in FY23
WOW Skin Science’s products are available across 45,000 stores in India and over 3,000 Walmart retail stores in the US.

Bengaluru-based personal care brand WOW Skin Science expects to clock a 60% rise in net revenue to Rs 650 crore in FY23, Manish Chowdhary, co-founder, WOW Skin Science, told BrandWagon Online. However, the company denied commenting on the net loss for the same period. “There was a net loss of Rs 10 crore in FY21. We are in an investment mode currently and expect to get back to profitability by FY24,” he added. As per Chowdhary, WOW Skin Science closed FY22 with net revenue of about Rs 400 crore. 

Furthermore, the company claims to have increased its marketing spend by about 40-50% to Rs 250 crore in FY23. As per the company, digital, including performance, YouTube, social media, among others, will account for 65% of the overall ad spends, while the rest will be spent on television. “This is the first year we will go on television advertising. Most of our money has always been spent on performance marketing, YouTube, and Google. We now look to diversify our budgets into traditional marketing, to reach out to audiences who are not adaptive towards the Internet or buying our products online,” Chowdhary stated. 

In terms of business, the company claims that online channels, which include the company’s own direct-to-consumer (D2C) platform and e-commerce marketplaces, account for about 85% of the overall business. The company expects this share to reach to 60% over the next 12 months, given that consumers have moved to offline retail. Furthermore, tier 1 cities account for about 35-40% to the overall business, tier 2 at about 30-35% and tier 3 cities also at 25-30%. “We get higher sales from metropolitan and tier cities but there’s loyalty across tier 2 and tier three cities,” Chowdhary noted. The company claims that it is present in ten countries outside India, which account for about 10% of the overall business. WOW Skin Science’s products are available across 45,000 stores in India and over 3,000 Walmart retail stores in the US.

As part of its expansion, the company claims that it will enter newer categories, with an aim to provide natural solutions. “We will come up with three more sub-brands over the next quarter which are targeted into solving consumer problems,” Chowdhary highlighted. 

In May this year, the company raised funds from Singapore’s sovereign wealth fund GIC. With the investment, the company aims to spend on brand building and advertising. Chowdhary also added that the company has signed two more names as brand ambassadors, the details of which will be revealed by the first week of September. 

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