Colorbar plans to have 250 standalone stores by 2020

Mumbai: Indian makeup and beauty brand Colorbar will expand its retail footprint aggressively over the next couple of years with the aim to reach 250 stores by the end of 2020. This fiscal, the company aims to open 20 standalone stores in addition to its current 80 stores. Moreover, it will continue to increase its presence at multi-brand outlets like Shoppers Stop, Lifestyle, New U, and Pantaloons.

The company, which is valued at around $300 million (Rs 21 billion approx.), is eyeing a bigger share of the Rs 180 billion beauty market in India. It has tough competition from Indian and international brands as the segment sees consumer interest grow along with disposable incomes. Colorbar's founder and managing director Samir Modi believes that what holds the brand in good stead is the keen focus on innovation coupled with strict standard of quality at affordable retail prices.

"India poses a lot of challenges for a segment like makeup and beauty. A large part of the country has still not moved to incorporating cosmetics in their daily beauty routine. We are still, in many parts, a country for which makeup means kaajal and at most a lipstick. Urban India has changed from that and that is where the growth has come from. But the potential for growth is massive. By increasing the retail touch-points, we want to be present in every market where the habits have changed, and more importantly, where they are changing," said Samir Modi, founder and managing director, Colorbar.

A part of the retail strategy also focusses on education and interaction. A lot of the brand's consumers are new adopters of makeup products, and, according to Modi, education about the different kinds of products, the techniques to use them, and ways to experiment is an important aspect of Colorbar’s retail strategy. This, in turn, opens up avenues for the brand to meaningfully interact with its consumers.

Starting this month, the brand has started an overhaul in its look and feel. The first thing to change has been brand's logo -- the new logo is softer, has more sophisticated font, and incorporates a sigil in its branding. The packaging of its products – from the colour to the design -- will follow in the coming months. The change will be completed with an overhaul of its retail touchpoints which will incorporate the changes in the brand identity, along with bespoke services.

In addition to revamping its brand, and expanding its retail footprint in India, the company is also expanding its product portfolio.

"Around Diwali, we'll launch the first range of men's grooming products from Colorbar. We will start will skin care (face wash etc) and beard care products, but will expand the range in the coming months," Modi said.

Men's grooming is fast catching the eye of Indian brands as the category gets more traction every year. Beauty retailer Nykaa recently introduced a new website dedicated to men’s grooming in order to better focus on the category.

Colorbar is also eyeing foreign shores for expansion of its retail business. Already present at retail touch-points in the Middle East, mainly Dubai and Abu Dhabi, the 14-year-old company is now looking at Asia Pacific and Europe as the next destinations.

“While Colorbar is a brand from India, we aspire to be a global brand. We want to take on the big guys. We are the fastest growing Indian brand and have maintained a steady pace of growth, both financial and in terms of innovation...The next step is to have a strong retail presence abroad," Modi said.

The brand will start with countries like Singapore, Thailand, and Malaysia and then look at the European markets. It also plans to further strengthen its presence in the Middle East. For now, Modi believes the Americas can wait, since those markets are more saturated with big commercial brands, and the newly emerged indie brands.

“My ambition, and it’s a bit out of the world to put it this way I know, but here it is, is to be able to buy out a major international beauty brand in the next five to ten years. Not if I need to, just if I want to. I want Colorbar to be that big a force that it has the money and might to buyout out one of the big guys,” says Modi on his ambitions for his brand.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.