Indian cosmetic industry growing twice as fast as markets internationally
New Delhi April 16 (IANS) India is witnessing a boom in the cosmetic industry which is is growing twice as fast as the markets internationally says Italy based Industry expert Stefano Percassi.
"The Indian cosmetic industry has evolved over the years. Many international brands have entered the Indian market due the response they have received internationally.
"Like Europe where the number of new beauty and wellness shops exceeded that of any other type of retailing outlet India is witnessing a boom in the fashion and beauty industries " Percassi told IANS.
Percassi who is also the founder of Italian brand KIKO Milano that has big expansion plans in India feels that beauty salons are now ubiquitous across most Indian towns and cities with larger shopping malls in metropolitan centres stocking beauty products of major mainstream cosmetic brands.
"Consumer s nowadays are extremely well-travelled and informed about the offerings available across all industries. Furthermore many consumers are open to trying new brands and experimenting with makeup and India has a large market that reaches out to a vast audience " he said.
Percassi also credits Social media for playing an important role in creating awareness and acts as an influential catalyst for consumers.
"The demand for beauty and wellness products has risen exponentially. The Indian Cosmetic Industry is growing exponentially because of these changes and is becoming increasingly prevalent and important " he said.
KIKO Milano launched its first store in India in September 2016. Since then the brand has gradually expanded its presence and has launched four more store in Delhi Gurgaon Mumbai and Pune.
"Potentially India is absolutely huge and I don t think it is an immediate market but it is changing and it will take 6-8 years. In the next ten years India will be among the top ten markets for us.
"The Indian cosmetic industry is growing twice as fast as markets in the United States and Europe. India is also the second largest consumer market in the world. The increasing awareness of beauty products along with the rise of disposable income is expected to boost the industry thus making the Indian market extremely important to us " he said.