McNroe, which owns deodorant brands Wild Stone and Secret Temptations, is looking to treble its sales to Rs 1,200 crore by 2022, on the back of distribution expansion and enhanced manufacturing capacity in India.
According to a PTI report: The company, which had a sales of Rs 400 crore in 2017, will be investing about Rs 150 crore in technology, skilled labour and the upcoming manufacturing site in Haridwar.
Besides, the Kolkata-based firm is planning to beef up its exports by entering into new markets.
“We will be investing about Rs 150 crore in technology, R&D and the manufacturing plant slated to be operational this year to achieve our Rs 1,200 sales target in four years,” N K Daga, Consumer Products Managing Director, McNroe told PTI.
The company has three brands in deodorant, perfumes and talc categories – Wild Stone, Secret Temptations and Heaven’s Garden.
Daga said the focus now will be to enter into the growing male grooming category under the existing brands to enhance sales.
Citing a report, he said the male grooming market in India has grown at 42.5 per cent in last five years and is expected to touch US $20 billion mark by 2025.
The company currently has its presence across India with 3,20,000 dealers and is looking to strengthen foothold in south India, where the penetration of its brand is less than it is in the east and the north.
“The investment will also be used in expanding reach in the southern markets,” Daga was quoted by PTI as saying.
With regard to exports, Sanjay Srivastava, Chief Business Officer at McNroe said the exports currently add 8-10 percent of the total revenue and the target is to reach 15-20 percent.
The company currently exports to Bangladesh, Srilanka, Pakistan and Nepal.
“New export markets will be tapped to increase sales with an aim (to) at least 15-20 per cent contribution from the exports,” Srivastava told PTI.