Vanesa Care eyes larger market share, targets Rs 180 crore sales this fiscal
Vanesa Care, a leading company in perfumes and deodorants in India, is eyeing a bigger chunk of the deodorant market in India and has set a target of Rs 180 crore ($27.5 million) sales for the financial year, said a top company official.
Denver had recently signed Bollywood superstar Shah Rukh Khan to further strengthen its position in the booming Indian deodorant market, which is expected to grow with a CAGR (Compound Annual Growth Rate) of more than 15% over next five years. The total size of the deodorant market is expected to be around Rs 2,500 crore.
The company is eyeing top line growth Rs 600 crore ($92 million) with EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) margins of 14-15% in the next five years.
Vanesa Care is heavily banking on its deodorants brands Denver and Envy to drive growth in the coming years and also looking to foray into new product categories. The company will also be adding a female deodorant brand to its product portfolio in the coming months.
"We are aiming to be around Rs 600 crore company by 2021 -22. We would touch around Rs 180 crore this fiscal," Vanesa Care Director Saurabh Gupta was quoted as saying by a news agency PTI.
In 2016-17 fiscal, the company had sales of around Rs 130 crore and is growing with around 40 per cent CAGR.
"Envy has right now 1.9 per cent market share and there is a lot of potential in the market and Denver has around 4.5 per cent share," he added.
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