Tata Group Plans to enter in Beauty and Cosmetic product business
India’s multinational conglomerate Tata Group remains one of the oldest industrial groups in India. As of the source, the firm is involved in all types of business categories. Now, the company plans to make a strong business in beauty.
By 2025, the local cosmetics market is expected to be worth $20 billion, a significant recovery for Tata Group in the beauty business it left 23 years ago. As of the source, the officials of the firm said the cosmetic business will play a key role among the other businesses.
However, the Indian multinational conglomerate industry operates a chain of retail stores. So, they take a step forwards to make experiments in expanding the product line. Because of those are the growing products in the retail markets.
As of the economy expert analysis, the cosmetic and beauty business in India may double by 2025. Moreover, the cosmetic market stood at $11 billion in 2017. Further, the Mumbai-based online retailer Nykaa posted tremendous growth during the pandemic.
“THE ESSENSE OF STRTEGY IS CHOOSING WHAT NOT TO DO.”
Actually, it remains a startup company. But, now the firm stood as $13 billion MP in the market after the result of IPO.
In 1953, Trent Limited, one of the companies in Tata Group, non-executive chairman Noel Tata’s mother helped to create a beauty cosmetic product named LAKME. At that time, Lake was the country’s first beauty product.
However, the footwear, underwear, and beauty segments revenue stood at $100 million for Trent Limited. As of result, it would be the lowest income for Tata. Because these are the high challenger business segments when they started.
According to the source, Tata Digital and Reliance plans to sell Nykaa’s cosmetic products in the coming years. Let’s see how they achieve their goals in the beauty market. Hope, the firms achieve their goals along with profits in all segments.