The company is expected to post a double-digit growth figure in FY24 with a significantly improved bottom line and a double-digit Gross margin
New Delhi: WOW Skin Science is eyeing double-digit growth, fuelled by its Innovation Lab and a digital-first, strategic omnichannel approach, announced the company in a release on Wednesday. In the financial Year (FY) 2023, the company’s revenues reached Rs 320 crore, driven by strong offline sales in 40,000 retail touchpoints, constituting 25% of the total revenue, the company said.
The company is now targeting Rs 1000 crore revenue mark by the end of FY2026, the release added.
Innovation is one of the major driving forces behind the growth of WOW. As a company at the forefront of reimagining skincare, WOW Skin Science continues to invest heavily in developing its in-house formulations at the WOW Innovation Lab.
This focus has led to vigorous growth, leading to a five-fold increase in the contribution of innovation to the top line. WOW has evolved into a complete personal-care brand, also involving skincare, haircare, supplements and wellness.
“We’ve evolved over time with respect to the needs of our consumer base. The international markets are also responding positively to our range of products,” said Manish Chowdhary, Co-Founder, WOW Skin Science.
WOW Skin Science now has a fully staffed leadership team with deep domain experience and a healthy mix of large organisation and startup experience. This has been set in place through FY23-FY24 and positions the company well in transitioning from a founder-driven early-stage setup to a company with a more decentralised structure which is critical to its next phase of growth. This has been a key enabler in its progress such as scaling up offline, driving a higher share of innovations, and developing new data & analytics capabilities, amongst others.