The new venture has logged sales in excess of Rs 200 million since its launch.
By ET Bureau |
BCCL
The new venture is in line with BCCL’s philosophy of investing in newer and future growth opportunities.
After foraying into the consumer space three years ago, with the retail entity Femina FLAUNT, Bennett, Coleman & Co Ltd (BCCL) recently announced plans to enter the beauty salon segment. The company has formed a new division, Times Lifestyle Enterprise, to oversee the launch of its latest offering.
Announcing the development, Vineet Jain, MD, Times Group, said, “Our entry into the beauty segment is in line with the group’s philosophy of continuing to invest in newer and future growth opportunities. We have many legacy brands within the group, like Femina, Filmfare and Miss India, amongst others, and this venture will explore relevant, sustainable and scalable business models around these brands in the retail and lifestyle space.”
The company plans to open its first unisex company-owned, company-operated (COCO) studio salon in Mumbai in the first half of 2019. In addition to his current role, Sandeep Dahiya, director, brand extensions at BCCL, will head the new entity. He will be responsible for exploring and driving growth for the venture.
The company has also roped in Dinesh Bhat, formerly with Unilever India, as the COO of Times Lifestyle Enterprise. He will report to Dahiya.
“Beauty is an exciting, and a rapidly growing category in India and we’re confident of making a significant impact in this category through differentiated service offering, personalised consumer engagement, and best-in-class brand alliances,” Dahiya said, while elaborating on the venture’s vision.
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He added, “The venture will follow a hybrid model of growth in this segment, starting with COCO salons, and simultaneously expanding through a robust franchise program to create a footprint of over 100 salons in the first five years.”
Femina FLAUNT entered the consumer products space with retail chain Shoppers Stop in 2015, across core fashion categories. Currently, the brand is present in six key categories — apparel, footwear, handbags, accessories, fragrances and eyewear. Its retail footprint spans more than 60 Shoppers Stop stores across India and over 300 eyewear stores.
Femina FLAUNT has logged sales in excess of Rs 200 million since its launch.
On the left, Adwaita Nayar, a Yale graduate who always has a fresh take on everything at Nykaa is seen here with her mother and founder of Nykaa, Falguni Nayar.
On the left, Adwaita Nayar, a Yale graduate who always has a fresh take on everything at Nykaa is seen here with her mother and founder of Nykaa, Falguni Nayar.
