IPO-bound BRND.ME’s Villain enters new category to tap a multi-billion fragrance market

With an initial public offering (IPO) increasingly shaping its business priorities, BRND.ME (formerly Mensa Brands) is stepping up its portfolio expansion and global growth strategy. Its fragrance and grooming brand Villain has now entered the unisex fragrance segment, launching two new Eau de Parfums as it looks to tap into India's growing demand for gender-neutral scents.

The move comes as BRND.ME sharpens its brand portfolio and pursues a broader roadmap towards the public markets. The company is firmly charting its path to an IPO, with readiness for a potential listing influencing strategic decisions ranging from restructuring its corporate base to strengthening its brands and accelerating international expansion, Ananth Narayanan, Founder and CEO, BRND.ME, told ETRetail earlier.

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For Villain, the latest launch marks an expansion beyond its established fragrance and grooming offerings, targeting a consumer segment gaining traction among younger buyers. Gen Z consumers, in particular, are increasingly viewing fragrances as an expression of personal identity, confidence and lifestyle, with gender-neutral options emerging as an area of interest.

The new collection comprises two Eau de Parfums, Muse and V-Code, each available in a 50 ml bottle. Crafted in India and IFRA certified, the fragrances feature distinct compositions. Muse combines floral and fruity notes of black currant, grapes and jasmine with patchouli and a warm musk base. V-Code, meanwhile, offers a woody aromatic blend of bergamot, rose and ambergris.

Commenting on the launch, Narayanan said, “Villain has built strong momentum by staying close to the consumer and moving with the category. Fragrance is no longer only about grooming or occasion; it is becoming part of how younger consumers express identity and confidence. The unisex range allows us to widen Villain’s relevance while continuing to build the brand from India for the world.”

The expansion comes as India's fragrance industry continues to grow, supported by premiumisation, digital discovery and changing consumer preferences. The market was valued at approximately ₹4,590 crore in 2024 and is projected to reach ₹6,960 crore by 2029, registering a compound annual growth rate (CAGR) of around 8.7%.

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Consumer interest in gender-neutral fragrances is also pointing towards an emerging opportunity. According to Mintel data cited by The Established, 22% of Indian consumers are interested in trying a gender-neutral scent when considering a new perfume. Among Gen Z consumers, the figure rises to 27%.

Villain is entering the category with an established distribution and sales base. The brand currently sells around 1 lakh units per month in India, with quick commerce accounting for nearly 50% of its overall demand. Its entry into unisex fragrances is expected to broaden its consumer appeal while building on the traction it has gained across digital retail channels.

The brand is also extending its international footprint. Following its entry into the UAE market in FY25, Villain has recorded 150% year-on-year growth in the region. It has additionally entered the US market, where its products are available on Amazon.

The newly launched fragrances will be available through Villain's direct-to-consumer (D2C) platform, leading marketplaces and quick-commerce platforms.

For BRND.ME, the launch also fits into a larger strategy of building globally relevant consumer brands from India as it works towards IPO readiness. Founded in 2021, the company has built a portfolio spanning health, wellness and lifestyle, with a presence across India, the US and the Middle East.

Backed by investors including Accel, Norwest Venture Partners, Alpha Wave Global and Prosus, BRND.ME has positioned India-led manufacturing, proprietary technology platforms and digital-first brand building at the centre of its growth strategy.

As IPO preparedness increasingly informs its next phase, portfolio expansion, category diversification and international scale are emerging as important parts of the company's growth agenda. Villain's entry into unisex fragrances is the latest step in that direction, placing the brand in a segment where evolving consumer preferences and market growth are creating fresh opportunities.