The European beauty brand plans to increase its retail footprint by more than double in the Indian market this year.
The company intends to focus particularly on increasing their presence further in more tier 2 and tier 3 cities in order to keep up with the growing demand for branded cosmetics in these areas.
Darpan Sanghvi, Founder and Chief Executive Officer of MyGlamm, commented: “Today, we have 4,000 points of sale across 50 cities in India. In 2021, these 50 cities will become 100 cities and points of sale will go from 4,000 to over 10,000.
“We are in an exciting place where we are growing, January to December 2019, we grew about 40 per cent. As we have become profitable as a company, we don’t acquire too much capital. The capital we require is primarily for inventory build-up, working capital needs and offline expansion.”
The brand has a goal of 300 per cent revenue growth this year and intends to do this through product portfolio expansion and expansion into more rural regions.
