From Korean to American, French, and even Ayurveda, India is now home to a range of cosmetic brands from across the globe. And now Dubai based beauty brand Skin Story too is set to make its foray into the Indian market.“We are officially launching Skin Story in the India market. It has been over three years that we have been conducting research, meeting people within the industry, trying to understand the customer base. We have already rolled out our website running in India. This has further led to us creating a good number of customers already. We are a premium beauty brand within affordable prices, along with that we are more attainable,” Nidhi and Rashi Sethi, co-founders, Skin Story told BrandWagon Online. The beauty brand aims to capture 10-15% of the share of the market in the next two-three years. “We aim to become profitable within three years,” the Sethi duo, added.
Revenue in the beauty and personal care market is expected to reach $27.77 billion by the end of 2023, as per latest findings by market research firm Statista. This market is expected to grow annually at a CAGR of 3.28%, 2023-2028.
As per the report, the market’s largest segment is personal care with a market volume of $12.59 billion in 2023. In the beauty and personal care market, online sales is expected to account for 5.9% of the total revenue.
Presently, the company sells its products in India through its direct-to-consumer (D2C) platform and plans to launch its products across multi-brand retail outlets. “We expect online to account for 60% of the revenue, while offline stores accounting for the rest 40% in the next two-three years. Currently, India accounts for 70% of revenue in the D2C business. With this expansion, we expect this to go upto 80%,” Sethi added.
The company so far has listed five products on its website where the starting price of Drama Mascara is Rs 3,150. Another product – Growth Lash and Brow Serum that is Rs 4,050. However, the brand’s three multisticks, that is Legacy Multistick, Bare Multisick and Bold Multistick are priced at Rs 3,600, each. According to co-founders Nidhi and Rashi Sethi, a 13 gm of multistick which can be used in three different ways – on cheeks, lips and eyelids is priced at Rs 3,600.
Interestingly, the company claims to be a sustainable beauty brand. “Our outer packaging is paper and we don’t have any plastic on it. Our product is inside an aluminium container and the mechanism is recyclable plastic or recycled plastic. Most of our products are multipurpose so you need one product and it does two to three things for you. And that’s how we are sustainable,” Sethi said.
As per industry experts the demographic change brought on by the influx of young customers is the primary driving factor when it comes to the beauty industry’s fast growth rate. Add to that the impact of social media, globalisation, and e-commerce, on the purchase of beauty goods. This is also a reason why Korean beauty products are high in demand. Interestingly, the company claims that its products are manufactured in Korea with a sustainable and recyclable packaging. “Skincare is very popular in Korea. Our problem is that we found the gap in the market that we are trying to tackle. Korea has a lot of skincare products available but lacks makeup products. Ours is a makeup product with the goodness of skincare. Thus, we are manufacturing in Korea as we want pigmented makeup that are skincare ingredients and that combination is very hard to come across,” Sethi explained.