Personal and beauty care Brand Juicy Chemistry is planning to enter the offline retail sector by opening a pipeline of around 115 company-owned company-operated (COCO) stores across the country by 2024.
The Coimbatore-based brand is also looking to diversify its product portfolio by launching an organic and natural cosmetic line called Colour Chemistry. The brand will launch new products across 15 categories. The initial launch will be focused on 8 categories across foundation, concealers, baked compact, lip glosses, lip and cheek tint, kajals, eyeshadows, and lipsticks. The cosmetic products will be fairly priced to appeal to a wider consumer base.
Co-founder and CEO of Juicy Chemistry, Pritesh Asher, said that the brand is targeting to be a Rs 175 crore brand in FY 2024-25.
“We have had very good run rates in the recent time. We have registered a growth rate of over 190 per cent. The company’s revenue stood at Rs 25 crore in 2021–22 fiscal. Our aim is to arrive at Rs 45 crore in 2022–23 financial year and further Rs 100 crore by 2023–24-end,” Asher added.
Founded in 2014, the proposed Juicy Chemistry retail stores will come up in metros and tier-1 cities. Additionally, the company will have around 18-20 kiosks and 3,500-4,000 touch points in select locations. At present, the company has four COCO stores with two in Coimbatore and one each in Chennai and Kochi.
“We will soon open in Bengaluru and Hyderabad. We are in advanced talks with channel partners for opening an outlet in Mumbai by January 2023. We will eventually get into Delhi and Kolkata markets as well. We will have around 15 COCO stores within six months. And by 2023–24-end, we would have around 115 stores across India,” Asher stated.
Juicy Chemistry witnessed a huge outcry during COVID but that trend is slowly diminishing as people come out on the streets for traditional shopping. Therefore, it becomes pertinent for the brand to diversify itself and launch retail avenues to showcase and sell their products.
The beauty care brand is entering the colour cosmetics segment in a big way, signing a slew of manufacturing contracts with top European manufacturing companies to produce around 15-20 lakh pieces to meet domestic demand. The company has additional plans of investing $3-5 million over the next 18-24 months to fuel its growth.
“We are entering a new category which will require lot of capital expenditure for marketing inorder to make sure the brand awareness is created. I am quite sure that ours will be India’s first certified organic range of colour cosmetics,” commented Asher.
Juicy Chemistry previously raised $8.5 million from Series A in 2020 and is looking to raise an additional $25-30 million in Series B from key investors Verlinvest, Manash Lifestyles and Spring Marketing Capital in 2023-24 to fuel its plans to expand. The brand aims to garner ARR of Rs 100 crore.
