BackBiotique to invest Rs200 crore on doubling capacity
Bio Veda Action Research managing director Vinita Jain says the firm also plans to invest Rs250 crore on marketing and opening standalone stores
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Mumbai: Bio Veda Action Research Pvt. Ltd which sells Ayurvedic cosmetics under the brand Biotique will invest ₹ 200 crore for doubling its capacity by setting up manufacturing units in Himachal Pradesh and the north-east, a top company official said.
The company will also invest ₹ 250 crore on marketing and opening standalone stores in the country. “This financial year, we are investing ₹ 250 crore in marketing and expansion of our standalone stores and another ₹ 200 crore in capex for expanding our facilities in the near future," Bio Veda Action Research chairperson and managing director Vinita Jain told PTI.
“We are setting up additional manufacturing facilities in the north-east and Himachal Pradesh," Jain said.
Biotique has a research and development centre in Switzerland and two facilities in Himachal Pradesh. “We are planning 100 standalone stores across the country, which we should achieve by the next financial year. We have 10 standalone stores at present," she said, adding that the store size would be around 500 sq. ft.
Biotique recently entered the children’s segment and is looking at other categories as well. “We are looking at new consumer segments and categories. We are looking at essential oils and we will be coming up with them in the near future," she added.
The beauty and personal care market in India is estimated to be around ₹ 75,000 crore, growing at a compound annual growth rate of 16%. Biotique has been growing at 35% year-on-year, Jain said.
She said it is the market leader in the ayurveda and botanicals skin care categories. E-commerce constitutes around 10% of the sales of the company and it expects the sector to contribute 20% in two years.
At present, Biotique exports to 60 countries, which accounts for 60% of the sales, and is looking to expand its global presence.
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