Ayurvedic cosmetics brand Biotique will invest Rs 200 crore for doubling its capacity by setting up manufacturing units in Himachal Pradesh and North East, a top company official said.
According to PTI report: The company will also invest Rs 250 crore for marketing and opening standalone stores in the country.
“This financial year, we are investing Rs 250 crore in marketing and expansion of our standalone stores and another Rs 200 crore in capex for expanding our facilities in the near future.
“We are setting up additional manufacturing facilities in the North East and Himachal Pradesh,” Chairperson and Managing Director, Biotique, Vinita Jain was quoted by PTI as saying.
Biotique has a research and development centre in Switzerland and two facilities in Himachal Pradesh.
“We are planning 100 standalone stores across the country, which we should achieve by the next financial year. We have 10 standalone stores at present,” she was further quoted by PTI as saying and adding that the store size would be around 500 sq. ft.
Biotique recently entered the children’s segment and is looking at other categories as well.
“We are looking at new consumer segments and categories. We are looking at essential oils and we will be coming up with them in the near future,” she was quoted by PTI as saying.
The beauty and personal care market in India is estimated to be around Rs 75,000 crore, growing at a compound annual growth rate of 16 per cent.
Biotique has been growing at 35 per cent year-on-year and Jain claimed that it is the market leader in the ayurveda and botanicals skin care categories.
E-commerce constitutes around 10 per cent of the sales of the company and it expects the sector to contribute 20 per cent in two years.
At present, Biotique exports to 60 countries, which accounts for 60 per cent of the sales, and is looking to expand its global presence.