Revlon eyes 30% growth, Rs 250 crore sales this fiscal
New Delhi: Cosmetics firm Revlon is eyeing 30 percent growth in turnover at Rs 250 crore on the back of new product launches this financial year.
"We are targeting 30 percent growth and Rs 250 crore turnover this fiscal. We expect good growth from the new StreetWear Color Rich cosmetics targeted at young women," Modi-Revlon Chairman and Chief Executive Umesh Modi said.
"Market is sluggish and we have to bring in new customers. This kind of growth (30 percent) is only possible if we tap areas which we did not tap earlier," he added.
The company reported turnover of Rs 200 crore in the previous fiscal.
This new collection has been specifically designed for the Indian consumers. Revlon plans to launch StreetWear products outside India next year.
"Currently the (StreetWear) products are available only in India but we have plans to extend it to the Indian subcontinent by 2015," Modi said.
The company plans to promote the new collection through social media. On network expansion, he said Modi-Revlon plans to open 100 standalone Revlon stores in the next three years.
The stores will be primarily located in malls across the country providing the consumers direct and easy access.
At present, there are four standalone Revlon stores in the country.