Sanghvi Brands looks to double revenue by March 2017
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New Delhi: Sanghvi Brands, which operates international wellness brands like L’Occitane spa, ELLE Spa & Salon and Warren Tricomi salon in India, is expecting to double its revenues from Rs.40 crore in 2015-16 to Rs.75-80 crore by March 2017, driven by its spa and salon business.
The Pune-based company is planning to launch four new international lifestyle and wellness brands in India by March 2017. Currently, Sanghvi brands operates French luxury brand L’Occitane spa, Paris-based luxury brand ELLE Spa & Salon, New York-based Warren Tricomi and British luxury skincare & spa brand Elemis in India. It also owns the on-demand beauty services brand MyGlamm.com.
“We will launch Rossano Ferretti (Italy-based hairspa and salon brand) in Delhi soon. There are a few more launches which are planned for November and December. The plan is to add four new brands to our portfolio by March 2017,” said Darpan Sanghvi, managing director, Sanghvi Brands. He, however, declined to share further details.
The company bagged the exclusive rights to develop and manage L’Occitane spas in the US, the Middle East and Indian Ocean region earlier in February.
“We have been growing at a CAGR (compound annual growth rate) of about 65% for the past four years. By the time our international locations go live, we hope to cross Rs.100 - Rs120 crore in revenue from spa business,” said Sanghvi.
At present, Sanghvi Brands operates 30 spas in India but is planning to increase this number to 50-60 by next year. Globally, the company is expecting to open six spas in US, five in Middle East and about three across Indian Ocean region, including Sri Lanka, Maldives and Mauritius by December 2017.
Earlier in April, MyGlamm.com had raised $6 million from L’Occitane International SA, US-based PE fund Tano Capital and The Times of India publisher Bennett, Coleman and Co. Ltd.
“Growth for MyGlamm is on-track. We are expanding to new cities and launching our own product line as well,” Sanghvi said.
According to 2015 report by KPMG Advisory Services Pvt. Lt, India’s beauty and wellness industry, including fitness and slimming clinics, and counter sales of beauty and rejuvenation products, is expected to touch Rs.80,000 crore in 2017, up from Rs.55,000 crore in 2015.