New Delhi: US-based FMCG firm Proctor and Gamble on 4 August announced its foray into the Rs2,100-crore skincare market in India with the launch of a range of products including an anti-ageing cream.
The skincare market in India has been growing at 16% annually and is currently valued at Rs2,100 crore.
“With the launch of four new ‘Olay´ brand skincare products, we are want to establish a strong presence in the country,” Proctor and Gamble India Marketing Head Sumeet Vohra told reporters here.
The anti-ageing cream, Olay Total Effects, has been launched in six metros in the first phase and has been endorsed by former Miss Universe and actor Sushmita Sen.
Vohra said the anti-ageing products market in India is currently at Rs60 crore. It has doubled in the last three years and would continue to grow at a faster pace, he added.
Globally Proctor and Gamble’s personal care market is to the tune of $20 billion, of which two billion dollars are contributed by ‘Olay Total Effects’.
Asked about the kind of market share the company is looking at in India with the launch of the new product, Vohra said the anti-ageing products market was still nascent in the country, so there was ample scope for the company to grow.
“Initially ‘Olay Total Effects’ would be available at around 2,000 outlets including hyper retail stores, chemists, beauty advisors and the existing distributors in Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore,” Vohra said.
The company has planned huge investment on electronic and print media including online promotion for publicity and marketing of the product.