Bajaj Consumer Care plans to develop its hair oil model – Almond Drop by way of the introduction of recent merchandise within the area of haircare and skincare, Jaideep Nandi, managing director, informed BrandWagon Online. For occasion, the corporate has rolled out its cleaning 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 trade estimates, the corporate presently has a 63% market share in Almond hair oil class which is valued at Rs 13,000 crore. In Amla hair oil class which is valued wherever between Rs 17,000-20,000 crore, the corporate has a 3 % market share. The firm claims to have miniscule share within the coconut oil market, which it is going to look to construct. At the identical time, the corporate has launched a premium vary of merchandise beneath the model Natyv Soul. As per Nandi, the model is not going to carry any Bajaj brand and is being offered throughout e-tail platforms together with Flipkart, Nykaa, Amazon, Purplle. These merchandise 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 defined.
The firm is a late entrant right into a market which is closely dominated by companies equivalent to Hindustan Unilever, ITC amongst 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 famous. We have elevated our direct attain from 5.5 lakh to eight.5 lakh.
The firm’s web revenue declined 21.93% to Rs 174.54 crore in FY22 in comparison with Rs 223.57 crore throughout the identical interval within the earlier yr. The firm’s gross sales declined 3.61% to Rs 865.52 crore in FY22 as in opposition to 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 stated.
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Source: www.financialexpress.com”