Amway plans to be Rs 20,000-crore business in India
Direct selling business Amway sees India as a major growth opportunity and has named the country as one of its top three markets, expecting to become a Rs 20,000-crore ($3 billion) business in the long term.
Along with the U.S. and China, India is one of Amway’s top three priority markets and the personal care business will celebrate a quarter century in the country in the next two years, the Press Trust of India reported. Amway foresees a swift acceleration of growth in India in the coming years and will focus on expanding in the market.
“We have designated India as one of our top three priority markets in the world along with the U.S. and China,” said Amway’s global CEO Milind Pant on December 22, the Press Trust of India reported.
“So, we are very excited about the potential of India. It is one of our top three markets, for growth and for investment. We believe that the potential of India is huge.”
The business aims to grow from a Rs 2,000 crore business to Rs 20,000 crore business by tapping into the increased consumer focus on holistic wellness in the beauty and personal care segment.
The business will also pursue initiatives including partnering with more micro-entrepreneurs in response to the increasing pool of women in small towns looking to get started in business. Amway currently has five lakh micro-entrepreneurs selling its goods in India, according to Pant.
“From the foundation of the (nearly) last 25 years in India, it [Amway] is now in a place to combine these two trends of micro entrepreneurs providing these wellness solutions through the communities that they're building,” said Pant.
“As we invest in those, we believe that is a massive potential for India."
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