Fragrance maker McNroe to invest Rs 150 crore in technology, expansion
Mcnroe Consumer Products Pvt Ltd, the owner of leading deodorant and personal care brands like Wild Stone, Secret Temptations and Heaven’s Garden is planning to invest Rs 150 crore (approx $23 million) in technology and expansion.
The company is looking to treble its sales revenue to Rs 1200 crore (approx $185 million) over the next five years as it is all set to boost its manufacturing in the country and is looking to expand its presence across India.
Mcnroe also has plans to expand its product category in the lucrative men’s grooming segment and will also move into new international markets to achieve its set target.
“We will be investing about Rs 150 crore in technology, R&D and the manufacturing plant slated to be operational this year to achieve our Rs 1,200 sales target in four years,” N K Daga, Consumer Products Managing Director, McNroe was quoted as saying by news agency PTI.
“The focus now will be to enter into the growing male grooming category under the existing brands to enhance sales. The investment will also be used in expanding reach in the southern markets,” Daga added.
With regard to exports, Sanjay Srivastava, Chief Business Officer at McNroe said, “the exports currently add 8-10 percent of the total revenue and the target is to reach 15-20 percent. New export markets will be tapped to increase sales with an aim (to) at least 15-20 per cent contribution from the exports”.
Mcnroe was founded in 1993 and is based in Kolkata, India. The company currently has its presence across India with 3, 20,000 dealers. It currently exports to Bangladesh, Sri Lanka, Pakistan and Nepal.
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