Cosmetic brand Colorbar expects massive drop in profits
Modi Enterprises-owned cosmetic brand Colorbar is expecting a massive drop in profits, due to the coronavirus lockdown, which affected the sales of the brand.
The company’s other businesses like Modicare and retail chain store 24Seven has also been affected.
Colorbar has temporarily suspended its makeover services and makeup trials, in a bid to reduce coronavirus transmission, as an increasing number of Indian retailers impose instore measures against the virus.
With all stores in malls under lockdown, several Colorbar outlets have been affected resulting in poor sales.
"We have been hit by something unprecedented and it will continue to impact us for some time to come. All in all, there is disruption in pretty much every business but in the present context of things and in the interest of our community, we must accept and move on," Modi Enterprises managing director, Samir Modi, told PTI.
"Some immediate disruption was felt intensely at Colorbar and to some extent at 24Seven and Modicare Limited. Colorbar is undergoing an obvious massive drop in profits, out of the three businesses. In the new normal, we have to find innovative ways to deal with the requirements and challenges of the business, consumer demands, and of course the necessities of our people too," he added.
Colorbar, which launched in 2004, runs brick-and-mortar stores and kiosks across India. The brand’s products cover cosmetics, skincare, and accessories.
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