MyGlamm plans to double its brick-and-mortar presence and launch a new subsidiary this year
Cosmetics brand MyGlamm plans to more than double its brick-and-mortar presence across India this year and will launch a new subsidiary in the personal care segment.
“Today, we have 4,000 points-of-sale across 50 cities of India,” MyGlamm’s founder and CEO, Darpan Sanghvi, told The Hindu.
“In 2021, these 50 cities will become 100 cities and points of sale will go from 4,000 to over 10,000.”
The brand aims to expand into more tier 2 and 3 locations to respond to increasing rural demand for branded cosmetics and personal care goods. With a target of 300% revenue growth this year, MyGlamm aims to achieve this through product portfolio expansion and rural uptake.
“We are in an exciting place where we are growing. January to December 2019, we grew about 400%,” said Sanghvi.
The brand has returned to pre-pandemic growth rates and is currently conducting its Series C funding to raise around Rs 110 crore ($16.54 million).
“Because we have become profitable as a company, we don’t require too much capital,” said Sanghvi. “The capital we require is primarily for inventory build-up, working capital needs and offline expansion.”
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