Molton Brown to open 15 stores in India by 2023
British luxury bath and body care brand Molton Brown is looking to expand its retail presence in India and plans to open 15 stores across India over the next five years.
Molton Brown had entered the Indian market in September this year through a partnership with Berkeley Beauty Brands Pvt Ltd and opened its first store in the national capital, Delhi.
The company is scouting for locations in leading hotels and malls for its store openings and banking heavily on India for growth in the Asian region. The company is expected to spend around Rs 4.5 crore ($645,300) in setting up a single store.
"It has taken us over two years to find the right India partner and is an important market for us, even if the pace of growth is slightly slower than other markets like the Middle East. We are here for the long run," Molton Brown’s global president, Mark Johnson, told the Economic Times.
Gaganmeet Singh, owner of Berkeley Beauty Brands added, “The beauty industry in India is booming, with a tremendous potential for growth in 2018, making India the second largest consumer market in the world. The domestic market for beauty products is projected to grow at a CAGR of around 22 percent during the period 2017-2020.”
Molton Brown is a luxury bath and beauty brand from the UK and has stores across the globe. The UK is the highest contributor to the company’s global sales with over 60 percent followed by the USA with 20 percent.
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