Tata Group plans to open 20 “Beauty Tech” stores across the country
The country’s renowned industrial house Tata Group is preparing to enter the beauty business. The group is planning to open 20 “Beauty Tech” stores across the country. A person who knows about this whole plan of Tata Group has given this information to the news agency Reuters. It has been said in the report that virtual makeup kiosks and digital skin tests will be used in Tata’s Beauty Tech outlets, after which premium beauty products will be sold to customers on the basis of this.
Tata Group’s competition in the beauty business will be from multinational company LVMH’s brand Sephora and domestic company Nykaa. India’s beauty and personal care market is worth 16 billion dollars (about Rs 1 lakh 30 thousand 151 crore) and still there is immense potential for rapid growth in it. Tata Group has already established its presence in the car to jewelry market.
In Which Cities Will Tata Beauty Stores Open First?
The Tata group is eyeing the 18- to 45-year-old youth, who are fond of expensive foreign brands like Estee Lauder’s MAC and Bobbi Brown. Tata Group is in talks with more than two dozen companies to supply premium products to its new stores. However, Tata has refused to comment on the claim made in the Reuters report regarding this plan. According to the report, Tata’s first “Beauty Tech” store is likely to open by March next year. In this new beauty stores, 70 percent of the products will be of skincare and makeup. After this, it can open more than 40 stores in the next financial year with expansion starting from April. For this, the company is focusing on big cities like New Delhi before considering smaller cities.
India’s beauty and personal care market of about 1.30 lakh crore is much smaller than China’s $ 92 billion (about Rs 7 lakh 47 thousand 891 crore). But, market research firm Euromonitor estimates that India will grow at an average rate of 7 per cent annually in the next few years in this sector.
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