With demand on the rise for premium products in India, French beauty and cosmetics retailer Sephora, is increasing its outlets in India. Sephora India, a partnership between Moet Hennessy Louis Vuitton and India’s Arvind Lifestyle Brands, plans to launch ten stores a year in the country, aiming to hit fifty stores in the next three to four years. It also plans to enter tier II and III cities in the country.
Chief executive of Sephora India, Vivek Bali, says that a large number of customers are graduating from the value segment to premium cosmetics and grooming products. Additionally, the increase in the number of women joining the workforce, along with the rise in purchasing power, are factors that drive growth in the segment. “If the overall market is growing at 18 percent, the premium end is growing faster at around 28 percent,” he said.
Sephora’s India Business 2017
The country’s beauty cosmetics and grooming market, which is estimated at $8 billion, is growing at a compounded annual growth rate of 18 percent. According to trade body ASSOCHAM, India’s beauty cosmetics and grooming market is expected to touch $35 billion by 2035.
