Latest news with #GoFab

Time of India

Beauty Garage gears up for Rs 100 cr revenue milestone with Rs 10 cr push

Beauty Garage , which started its journey with 5 SKUs in 2019, is planning to invest approx Rs 10 crore this fiscal year to foray into new categories and to expand the manufacturing capacity, Mahesh Ravaria, founder and CEO of Beauty Garage, told ETRetail. The brand, which started its journey by importing the products from different countries, commissioned its own manufacturing unit in 2023, and is now planning to expand it further. "This fiscal year, we will be foraying into the men's grooming segment in June by launching 20 SKUs and into the hair color segment by September with 30 SKUs," he said. "We are investing Rs 1.25 crore and Rs 2 crore to enter the men' grooming and hair color segments, respectively," he further added. The brand, which currently offers 90 SKUs, recently acquired GoFab for Rs 8 crore. It is further planning to acquire an established D2C color cosmetics brand by September and plans to invest Rs 30 crore towards its acquisition and expansion. "We are in advanced talks with the founders of the brand and expect it to materialise by September," he said. Apart from this, the brand is planning to invest Rs 1.5 crore to further expand into the D2C space by launching 60 new SKUs. Expanding Manufacturing At present, the manufacturing unit of the brand, located in Mumbai, spreads across 4,500 producing 4 lakh units per month. "Over the next two months, we plan to invest Rs 4 crore to take the manufacturing capacity up to Rs 10 lakh units per month. This expansion will suffice for the next 3 years. Currently, we are operating at 80 per cent of our capacity," he stated. Over the next 4-5 years, the brand plans to further expand its manufacturing unit and has started scouting for a place in Maharashtra. "We are planning to invest Rs 50-60 crore to expand our manufacturing unit to 25,000 he said. Revenue and more... At present, offline contributes to 90 per cent of the revenue of the brand, and the remaining 10 per cent comes from online channels. "By this fiscal end, we are planning to change this ratio to 85:15," he asserted. The brand, which works with more than 50 educators and 120 distributors pan India, caters to more than 7,000 salons with an 80 per cent retention rate. "This year, we are expecting around 50-60 per cent growth in terms of salon acquisition," he stated. The bootstrapped brand, which closed the last fiscal with Rs 65 crore, is eyeing to become a Rs 100 crore brand by this fiscal year's end. "We experienced 30 per cent growth last fiscal year and have been clocking 20 per cent EBITDA year on year," he said. The vertically integrated brand is also planning to begin exporting to a few countries in Southeast Asia and Europe.