The premium beauty and skincare cosmetic brand aims for a revenue growth of 45-50% by the end of FY 2022 – 2023
New Delhi: Premium beauty and skincare cosmetic brand Recode Studios aims for a revenue growth of 45-50% by the end of FY 2022 – 2023. The company’s revenue stood at Rs 15 crore in FY 2021-2022. This fiscal year, it targets a revenue of Rs 30 crore, as the industry market, post-pandemic.
“The Indian personal care market is estimated to reach $1.23 Bn by FY26, which is growing at a CAGR of 14.69%. And this opens up a whole new bunch of opportunities which we intend to encash,” Dheeraj Bansal, Co-founder of Recode Studios said.
The 2018-established company has consistently portrayed an upward sales graph. The brand’s yearly sales climbed from Rs 25 lakhs in 2018 to Rs 2 crores in 2019 and 2020–achieving 8 times growth.
The company registered a growth of 250% in 2021 with Rs 5 crores in sales; and a growth rate of 300% in FY-2021 and 2022.
The brand plans category expansion by launching foundations, concealers, an eyeshadow palette, and a highlighter palette by the end of the year.
The brand has Swara Bhaskar as its brand ambassador and works with leading cosmetic manufacturers across the globe, especially those in Germany and Taiwan.