Modi Revlon was the first international colour cosmetics brand to be launched in India back in 1995 when it collaborated with Modi-Mundipharma Pvt. Now, with this new nail and lip colour range, the company hopes to expand its reach and gain a foothold in tier-II and -III cities, whilst also taking on rivals like L'Oreal.
The nail colours will be priced at about Rs 60 each and lip colour at under Rs 200.
According to Umesh Modi, president and chief executive officer, the brand's previous pricing and packaging has been impeding its growth.
The CEO told regional publication, The Times of India that due to a 74:26 joint venture between the UK Modi group and Revlon of the US, Modi Revlon has yet to establish an aggressive national presence.
"Maybe we should have done this earlier... it required a lot of support from Revlon US and took two years to develop," he told TOI.
State of Indian market
Rising purchasing power and fashion consciousness are driving the cosmetics sector in India, which is currently estimated at INR 261.4bn (EUR 3.91bn) and anticipated to grow at a CAGR of around 17 % during 2011-15, according to market researcher Rncos.
Shushmul Maheshwari, Rncos CEO told CosmeticsDesign-Asia.com that as Indian consumers are becoming more conscious of their looks, they are looking for tailored products to fulfil their specific needs, with demand in the market not just limited to traditional products such as talcum powder and fairness creams.
According to Maheshwari, segments like fragrance and colour cosmetics are likely to witness maximum growth in India over the coming years.
“Influence of the western world, the increasing working population and growing consciousness about looks and appearance are driving the growth in these segments,” he forecasts.