Mumbai: Birla Cosmetics chairperson Ananya Birla envisions her newly formed beauty and personal care firm capturing about 5% of India's cosmetics market in the short term, even in the face of competition from global giants like L'Oreal, Unilever and Estee Lauder. The 30-year-old daughter of billionaire industrialist Kumar Mangalam Birla hopes increasing nationalism and consumer preference for local brands will drive its growth.
"In India, there is a desire to contribute to homegrown brands which is something that our brands completely are. The entire idea is to offer much better quality with much lower cost," Birla told ET in an interview. "It is time for an Indian brand to go from East to West. Why should Indian consumers aspire to purchase from other countries."
Birla Cosmetics, the company she launched in February this year, will have multiple brands across segments including fragrance label Contraband, cosmetics brand Lovetc and a skin care range. She will now compete directly with a host of global and digital-first beauty brands and labels, including those launched by celebrities such as Deepika Padukone, Katrina Kaif and Kriti Sanon.
"We didn't want to enter beauty just for the sake of it - the timing was driven by readiness on multiple fronts - deep consumer understanding, robust product development capabilities, and a clear strategic vision," said Birla.
The cosmetics range including lipstick, kajal and mascara under the Lovetc brand will be launched this week. She said the products are made in India, with formulation sourced from global markets such as Italy and Korea.
Within India's beauty market, local brands are still far from unseating global majors like L'Oreal and Unilever, which enjoy years of domination even as hundreds of direct to consumer brands nibble into their sales growth. Birla, also the founder of microfinance company Svatantra design-led home decor brand Ikai Asai, said India's competitive landscape often reflects heightened consumer awareness and evolving demand.
"In certain industries, there is an advantage in not being the first mover or the second mover and we have a good landscape to look out to competitors who have done a great job, and some people who have not made the right moves. We are at that cusp where the Indian consumer does not want to settle for anything but the best," she said.
A Beauty Hotspot
India's beauty and personal care market is expected to reach $34 billion by 2028, driven by rising disposable incomes, deeper ecommerce penetration and growing consumer openness to new products. Over the past few years, there has been a flurry of new launches in the beauty products segment which have depended on platforms such as Nykaa and Tira to reach customers. Apart from global companies, there are local brands such as Minimalist, Sugar Cosmetics and Plum that disclose active ingredients in their products at a granular level to attract consumers who are particular about the products they use.
"There is room for everybody. The idea is to do something different that makes consumers think and make competitors think that all of us need to up our game and give the best to Indian consumers," Birla said. "It's about inspiring each other. We can learn from other countries but it's time for a homegrown brand to really shine."
"In India, there is a desire to contribute to homegrown brands which is something that our brands completely are. The entire idea is to offer much better quality with much lower cost," Birla told ET in an interview. "It is time for an Indian brand to go from East to West. Why should Indian consumers aspire to purchase from other countries."
Birla Cosmetics, the company she launched in February this year, will have multiple brands across segments including fragrance label Contraband, cosmetics brand Lovetc and a skin care range. She will now compete directly with a host of global and digital-first beauty brands and labels, including those launched by celebrities such as Deepika Padukone, Katrina Kaif and Kriti Sanon.
"We didn't want to enter beauty just for the sake of it - the timing was driven by readiness on multiple fronts - deep consumer understanding, robust product development capabilities, and a clear strategic vision," said Birla.
The cosmetics range including lipstick, kajal and mascara under the Lovetc brand will be launched this week. She said the products are made in India, with formulation sourced from global markets such as Italy and Korea.
Within India's beauty market, local brands are still far from unseating global majors like L'Oreal and Unilever, which enjoy years of domination even as hundreds of direct to consumer brands nibble into their sales growth. Birla, also the founder of microfinance company Svatantra design-led home decor brand Ikai Asai, said India's competitive landscape often reflects heightened consumer awareness and evolving demand.
"In certain industries, there is an advantage in not being the first mover or the second mover and we have a good landscape to look out to competitors who have done a great job, and some people who have not made the right moves. We are at that cusp where the Indian consumer does not want to settle for anything but the best," she said.
A Beauty Hotspot
India's beauty and personal care market is expected to reach $34 billion by 2028, driven by rising disposable incomes, deeper ecommerce penetration and growing consumer openness to new products. Over the past few years, there has been a flurry of new launches in the beauty products segment which have depended on platforms such as Nykaa and Tira to reach customers. Apart from global companies, there are local brands such as Minimalist, Sugar Cosmetics and Plum that disclose active ingredients in their products at a granular level to attract consumers who are particular about the products they use.
"There is room for everybody. The idea is to do something different that makes consumers think and make competitors think that all of us need to up our game and give the best to Indian consumers," Birla said. "It's about inspiring each other. We can learn from other countries but it's time for a homegrown brand to really shine."
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