Amway enters herbal skincare segment, eyes Rs 500 crore revenue by 2025
Direct-selling Fast Moving Consumer Goods (FMCG) major Amway has entered the lucrative herbal skincare segment in India and expects the segment to contribute around Rs 500 crore ($70.8 million) to its revenues by 2025.
Amway has set a revenue target of $1 billion by 2025 and the herbal segment is expected to contribute around 10 percent to its total sales over the next six years.
Commenting on its entry into herbal skincare range, Amway India CEO Anshu Budhraja told PTI, “There is a lot of traction for herbal products beyond nutrition, leading to beauty, in the market. Our research shows that the youth of India, consumer of this new segment is growing exponentially and the products with traditional wisdom are appealing to them.
“Amway is kicking off its herbal skincare range with three products - a day cream, a night cream and a face wash - with all the locally-sourced ingredients.
“We believe that this would become an Rs 500-crore brand, within that USD 1 billion (target), that is almost 10 percent of the total sales,” he added.
Amway India had clocked Rs 1,800 crore ($276.5 million) in sales for the last financial year with a compounded annual growth rate (CAGR) of 6 percent. Amway is also looking to expand its retail presence in India and will be opening 500 stores by the year 2025.
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