For the privileged buyer base, the pandemic-induced lockdown period was exciting. Individuals appreciated personal growth tactics to keep themselves involved as telecommuting became the norm and they had a lot of free time. Furthermore, skincare emerged as the most deserving prize, surpassing the excellence and individual consideration categories. According to Anand Ramanathan, associate buyer at Deloitte India, the Indian healthy skin sector is worth INR12,000 crore as of May 2022. By 2025, the class is expected to grow at a CAGR of 6%, reaching INR25,000 crore. Within this, high-end skincare accounts for nearly 10% of the market, while the balance is mass-produced.
During the pandemic, India's mass skincare industry grew at an incredible rate, thanks to the D2C (direct to consumer) channel. WOW Skin Care Company is another brand that gained a lot of buyer clout during this time.
WOW Skin Care Is Tempting Markets and Customers
Company information for WOW Skin Science
It is a Bengaluru-based firm that started with a D2C station in 2015. Nonetheless, according to Manish Chowdhary, a fellow sponsor, the group quickly made itself available on every driving stage.
WOW Skin Science has a valuation of around INR100 crore after six years of operation (counting pandemic years). During the pandemic's major year, the organisation grew by more than 1,400 percent. WOW Skin Science's parent company, Body Cupid Pvt Ltd, has documented incomes of INR99 crore and losses of INR8 crore as of FY21. The organisation has yet to release its FY22 financials. Nonetheless, Chowdhary states that as of March, revenues had surpassed INR500 crore (FY22). It is, however, still losing money.
ChrysCapital, a Delhi-based private-value firm, provided the organisation with a Series-C round of funding in FY21. It invested USD50 million (INR375 crore) in WOW Skin Science, causing the company's valuation to rise to INR900 crore. WOW Skin Science raised an undisclosed amount of money in its second round of funding in May 2022 from GIC, a Singapore-based sovereign wealth fund.
In any case, industry insiders estimate that the company's valuation will be between USD400 million and USD420 million following this round (around INR3,100 crore - INR3,200 crore). "We at WOW are thrilled to welcome GIC in our effort towards becoming a 'place of cherished brands," says Chowdhary, expressing the organization's viewpoint. While the skincare section has grown, WOW Skin Science has grown at an incredible rate. The company has used the best combination of valuation and item equations.
Wow Skin Science's USP is that the product is king of everything.
Manish Chowdhary argues that the company's success is due to unmistakable regular ingredients that customers enjoy.
"We began as an enhancement brand many years ago. We quickly walked into the beauty area. I used to travel to see what products are popular with customers, and as a result, we created our apple cider vinegar line "Chowdhary agrees. "We saw that Indian shoppers prefer normal and natural products, despite the fact that their efficacy is delayed. Our apple cider line remains one of the most popular to this day "he continues. Chowdhary is confident in his ability to interpret customer preferences. "We saw that each item on the market had a few extra substances in it, and that the colour of the aloe gel from the plant wasn't even the original colour of the aloe gel from the plant when we were planning to launch our aloe vera line. Our product is almost entirely made of gel, with no added scents or synthetic ingredients, as requested by customers ""It's about value," he explains.
Currently, the company has about 13 ingredient-based catalogues in its portfolio, which cover nearly 300 goods across 800 SKUs (stock-keeping units). WOW Skin Science was one of the pioneers in bringing the red onion black seed to India, which is well renowned for its hair fall-control characteristics, in addition to apple cider and aloe vera.
The choice of ingredients is made by the organization's in-house researchers and formulation teams. For each item, the team conducts nearly eight focus group sessions, in which small groups of purchasers who might be supporters or even those who might not like the item are reached. Depending on the topic, each discussion group can have anywhere from 20 to 100 people. Items go through corrective cycles based on the feedback from each group discussion before being released into the market.
WOW Skin Science currently takes between six and nine months to launch a new item/product from the design stage to the shelves. It is negotiating a legally binding contract with 15 manufacturers. However, in the next two or three quarters, the organisation plans to have two of its own assembly factories up and running. It is aiming toward having its own assembly factories in order to have more control over inventories and product quality. For this move, the charity will use half of the funds donated.
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