Elder Health Care, part of the Rs 5 billion Elder Group, has forayed into the male grooming products category with the launch of deodorant body spray ‘Fuel for Men’. The product has been created in alliance with VLCC Personal Care.
Further, the company also plans to launch hair styling and strengthening gels, shaving gels and after shave balms. Dr Anuj Saxena, managing director, Elder Health Care informed that the launch would be in phases and all the products would be introduced under the ‘Fuel for Men’ brand umbrella.
Speaking about the alliance with Elder Health Care, Vandana Luthra, CEO, VLCC, said, “With the fast growing male grooming market and the advent of many new players, it was imperative that the existing players redefined themselves constantly and maintain their market leadership. The strategy revolves around increasing penetration in the market by building interest and loyalty amongst the consumers. This will help us effectively leverage the male grooming segment, with our best-in-class basket of products.”
“Deodorants are the highest volume products and one of the fastest growing products in the men’s grooming category. As per industry statistics, the men’s grooming market in India is currently estimated at Rs 1500 cores (Rs 15 billion), and is growing at 12 per cent CAGR,” said Saxena.
“Elder Health Care realised this opportunity in 2007 and entered the men’s grooming segment with Fairone Man. Today, Fairone Man enjoys a market share of 5 per cent in the Rs 95 crores (Rs 0.95 billion) men’s fairness cream market. We plan to attain a market share of 5 per cent of the Rs 400 crores (4 billion). deodorant market with the launch of ‘Fuel for Men,” Saxena further added.
— IndiaReatiling Bureau, Mumbai