Renee Cosmetics expects to cross Rs 200 crore in annual revenue this fiscal
Direct-to-customer beauty brand Renee Cosmetics is confident it will cross an annual revenue total of Rs 200 crore in the 2023 financial year then become a Rs 500 crore revenue company by 2024.
“Renee is one of the fastest D2C brands in India to reach Rs 100 crore ARR (annual recurring revenue) mark within 20 months,” said the business’ co-founder Ashutosh Valani, ET Bureau reported. “We want to continue working assiduously and aim to become a Rs 500 crore revenue company by 2024.”
Earlier in the year, Renee Cosmetics raised $10 million in a Series A funding round led by Mensa Brands. Part of this investment has been used towards continuing to expand its distribution network across India. The brand now has over 100 distributors across India and a retail presence in around 3,000 stores of varying formats.
“We aim to disrupt the makeup industry with our unique products and change the way people look at makeup and take this artistry to the next level,” said Valani. As part of this disruption, the brand has focused on expanding its product catalogue to offer a comprehensive makeup range. In just two years, the brand has reached over 50 million customers.
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