The Body Shop India cuts prices post-revision of GST rates
The Goods and Services Tax (GST) Council recently lowered the tax rate from 28 percent to 18 percent on many consumer non-durable items such as cosmetics and other beauty products post which many Indian companies in the beauty, cosmetics space like Godrej, Hindustan Unilever, Marico has slashed prices of its products.
Now post the revision in GST slabs, The Body Shop is trying to compete with Indian companies by reducing the prices on its new stocks. The Body Shop will now pass the additional 10 percent concession to the consumer and will hope for a boost in sales during the last quarter of the current financial year.
Interestingly, the UK-based Body Shop had dropped prices earlier this year across its products by 20-30% in India to remain competitive and increase its share in the country’s cosmetics market.
“GST in all beauty categories has been revised to 18% instead of 28% earlier. In line with our customer centric philosophy, we have reduced the prices to reflect this change. We believe that the revised rates after GST will surely benefit the end users. The Body Shop is also reducing prices on its new stocks, which will soon reach retail shelves,” said a company spokesperson in a statement.
Present in India for close to a decade, The Body Shop claims its products are 100% ‘vegetarian’, and sells across 150 stores in the country. The brand is endorsed in India by Bollywood actress Jacqueline Fernandez.
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