Colorbar is planning to expand globally
Colorbar, Indian makeup and beauty brand, is planning to expand its retail footprint over the next couple of years. The brand aims to reach 250 stores by the end of 2020.
Colorbar is looking to open 20 standalone stores in addition to its present 80 stores this year. It will also be continuing to increase its presence at multi-brand outlets like Shoppers Stop, Lifestyle, New U and Pantaloons.
Samir Modi, Colorbar's Founder and Managing Director, said, "India poses a lot of challenges for a segment like makeup and beauty. A large part of the country has still not moved to incorporating cosmetics in their daily beauty routine. We are still, in many parts, a country for which makeup means kajal and at most a lipstick. Urban India has changed from that and that is where the growth has come from. But the potential for growth is massive. By increasing the retail touch-points, we want to be present in every market where the habits have changed, and more importantly, where they are changing."
"While Colorbar is a brand from India, we aspire to be a global brand. We want to take on the big guys. We are the fastest growing Indian brand and have maintained a steady pace of growth, both financial and in terms of innovation. The next step is to have a strong retail presence abroad," Modi further added.
Starting with countries like Singapore, Thailand, and Malaysia, the brand will further expand to the European markets. Colorbar also looks to strengthen its presence in the Middle East.