Recode Studios sees in-house brands make up 75% of revenue in 2022
Over the past year, Recode Studios has been expanding its in-house brand and product portfolio. The multi-brand beauty business reported that its own-brands’ sales made up 75% of its total revenue in 2022.
Recode studios reported net sales of Rs 15 crore for the 2022 financial year representing a 300% year-on-year growth rate, Indian Retailer reported. The business was profitable with a net profit of Rs 48 lakh and the past year also saw it expand significantly with new product lines added to its e-commerce store.
“The year 2022 marked the beginning of economic recovery, with brand growth graphs on the positive side,” said Recode Studios’ founder Dheeraj Bansal, Indian Retailer Bureau reported. “But with the threat of new variants of Covid hovering around the economy, things are expected to become uncertain again. But the lessons learned in the last few years will lead business entities to strategise well and make the best of the available resources.”
Recode Studios has grown significantly in the past few years. In 2018, the business’ yearly sales totalled Rs 25 lakh which rose to Rs 2 crore in 2019 and 2020 despite the challenges of the pandemic. The business then reported Rs 5 crore in net sales in 2021 before reaching Rs 15 crore last fiscal.
Focusing on affordable products aimed at a young audience, Recode Studios retails a wide range of makeup and skincare products. Recent own-brand editions include a lipgloss and foundation line, according to the brand’s Facebook page, and 2023 will see Recode Studios further diversify its product selection. The business also retails other brands including London Pride Cosmetics, Wow Skin Science, Riyo Herbs, Malibu, Chic Nutrix, and Get Natural among others.
Although Recode Studios launched as a direct-to-customer online brand, it plans to expand with an omni-channel approach going forward. Brick-and-mortar retail now accounts for 40% of its total sales and has opened over 300 offline stores with numerous retail partners.
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