According to a PTI report: The Delhi-based company also plans to expand in the room freshener segment by introducing new products in the future.
Besides, the company looks to strengthen its female deodorant brand – Vanesa deodorant for woman – from next year.
“We are aiming to be around Rs 600 crore company by 2021 -22. We would touch around Rs 180 crore this fiscal,” Director, Vanesa Care, Saurabh Gupta told PTI.
In 2016-17 fiscal, the company had sales of around Rs 130 crore and is growing with around 40 per cent CAGR.
The company, which has two deodorant brands – Denver and Envy – would focus on women care range in the segment under Vanesa brand.
Envy, a gas-less deodorant is for the value conscious customers while gas-based Denver is for aspiring class.
“Envy has right now 1.9 per cent market share and there is a lot of potential in the market and Denver has around 4.5 per cent share,” he was further quoted by PTI as saying.
The total size of the deodorant market is expected to be around Rs 2,500 crore.
He further told PTI:”We are now going to be aggressive in the room fresheners under Vanesa brand and has plans to introduce new products as car freshener, room freshener etc in future.”
According to Gupta, the air freshener is a growing market with lot of potential and would help the company grow in folds.
Vanesa Care in July roped in Bollywood Superstar Shahrukh Khan as brand ambassador for its products under Denver.
The company has two manufacturing units and has invested around Rs 30 crore so far.