BackSoulflower eyes opportunities in natural cosmetics, perfumes
Organic personal care brand Soulflower is evaluating opportunities in natural cosmetics and perfumes categories through organic or inorganic route
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Mumbai: Organic personal care brand Soulflower is evaluating opportunities in natural cosmetics and perfumes categories through organic or inorganic route, a top company official has said. “We are open to acquisitions in India. We are looking at opportunities in natural cosmetics and perfumes. We are looking at companies which have natural element to cosmetics, if we do not find any, we will get into that space ourselves.
Primarily, we will be looking at lip care, nail care and skin care products," Soulflower Managing Director Amit Sarda told PTI here. The city-based company, which focuses in the mid-premium segment, is present in categories like essential oils, carrier oils, soaps, bath salts and aroma diffusers, among others. The company largely focuses on modern trade and online channels for sales but it is also now looking at general trade to penetrate further in the domestic market.
“Four months back, we started selling our hair oils through general trade which include pharmacies, beauty stores and some super markets. By this financial year end, we plan to be present in 6,000 stores. We have crossed 350 stores now," he said adding that the company will first look at western and southern markets for retailing through general trade followed by central, northern and eastern regions. Soulflower forayed into the US market last year and is now planning to expand its presence to the UK and the UAE.
“Last year, we entered the US and now we are looking at the UK and the UAE. By this financial year end, we will be present in both these markets. The strategy to launch our brand in international market is through online only," he said. In the US, the company has partnered Amazon and Walmart for online retailing and expects it to be a bigger market than India in the next few years. It is also looking at setting up a manufacturing unit there in the next two years.
“In the next two years, there is a plan of setting up a plant in the US for our oils because the consumption will be much higher. The raw materials would be sourced from India. Pennsylvania is a place which is appropriate for us for setting up a unit," he said without divulging the investment details for the same. It has two manufacturing units in India at Mumbai and Pondicherry.
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