German cosmetics brand Beyu has revealed plans to conquer the Indian market by the end of the financial year, according to a report published by the Economic Times.
The ArtDeco-owned cosmetics line is planning to open 300 counters over the course of the 2017-18 fiscal period, 280 of which will be store-in-store concessions in chains such as Health & Glow, Central and New U. The company will also open 20 standalone units in key locations.
The company, which launched in Delhi in March this year in partnership with Kaunis Marketing Services, is scoping out multiple locations, including Mumbai, Lucknow, Kanpur, Chandigarh, Pune, Ludhiana, Nagpur, Kolkata, Surat and Bengaluru.
“India holds the promise of being one of the fastest growing beauty markets. The Indian beauty market is pegged at INR45,000 crore, out of which color cosmetics is around 10 to 12 percent. The demand for premium beauty brands is growing and hence there is tremendous potential for cosmetic brands to enter and grow in our country,” Ajay Ghooli, Managing Director of Kaunis Marketing Services told the Economic Times.