Dr. Chytra V Anand Shares her views on the Rise of Foreign Brands in Indian Cosmetic Industry
India’s cosmetics and cosmeceutical market are set to grow to an impressive USD 20 billion by 2025, rising steadily at a compounded rate of 25%.
According to India Times, “The Indian cosmeceutical and cosmetics industry has an overall market standing of USD 6.5 billion from a global market of USD 274 billion.”
The industry is witnessing a lot of participation from foreign brands and domestic entrepreneurs who are actively trying to take a pie of this mammoth industry.
Dr. Chytra V Anand, an internationally renowned Celebrity Cosmetic Dermatologist and Founder of Kosmoderma Skin & Hair Clinic, shares her views on competing with foreign brands that are flocking to the Indian mainstream.
She says, “The international brands don't have the know-how of treating Indian skin types.
Indian skin is very different and one of the most sensitive skin types. Even the technologies available internationally need to be modified many times to suit Indian skin and this is the core specialty of Kosmoderma. In fact, many International brands have asked partner with us or buy us out due to our core knowledge.
As an Indian brand, we know our clients and are able to tailor make the approach.”
Dr. Chytra addresses these following points:
Why do most entrepreneurs fail in the skincare business?
- Lack of scientific know-how. It’s a medical aesthetic field, not just business. You need to be business savvy and medically apt.
- Lack of innovation and growth. One size does not fit all. Very important to know how to personalize the procedures.
- Apathy to customer care. The life cycle of the client is very important and at every junction key interactions matter.
- Poor forecast. Everyone assumes India is a billion people. They forget 50% is BPL. Key to know your target segment.
- Lack of regulations makes this an unregulated market. So client education is important for them to differentiate among the players in this segment.
Points that make "Kosmoderma" a successful brand in India
- Adherence to strict SOP and protocols
- Headed by a core Medical and Business team hand in hand
- In-house training for all recruits regardless of experience, the Kosmoderma way with constant training
- First access to the latest technologies and advances within house extensive trials before launching into the market
- Visionary in its approach to skin, hair and body needs, being accessibly affordable while maintaining the highest standards and delivering results
- Our own very popular skin care line tailor-made for Indian skin