India: 100 new Modi-Revlon store openings planned in next three years
The cosmetic company Modi-Revlon has announced plans to open 100 new outlets in the next three years in India. The outlets will be mainly located in shopping centres across the country with the aim of providing consumers with easy access to Revlon cosmetics.
“India has always been a priority market for Revlon with its ever-growing appetite for retail spending. These are exciting times for the company here as we are broadening our target horizon and plan to invest around Rs 25 lakh per store and plan to reach 100 stores in next three year,” commented Umesh Modi, chairman and chief executive of Modi-Revlon
He added: “Colour cosmetics have always been the key focus for Revlon and contributes close to 70 per cent of our business in India. With the current cosmetic industry standing at a $256 million, Revlon enjoys nearly 14 per cent of its overall share and has 30 per cent of market when it comes to only colour cosmetics.”
Modi-Revlon is a joint venture between the Indian-based conglomerate Modi Group and international cosmetics firm Revlon.
Source: The Economic Times