D2C firm boAt forays into personal grooming category with sub-brand Misfit
Premium- boAt will launch grooming appliances such as beard trimmers, shavers, groomers among other products under a sub-brand brand called Misfit.
Direct-to-consumer (D2C) lifestyle consumer tech firm boAt on Monday announced that it has forayed into the personal grooming category. As part of its category expansion strategy, boAt will launch grooming appliances such as beard trimmers, shavers, groomers among other products under a sub-brand brand called Misfit.
The company said that Misfit will be targeted at millennial consumers who are looking to replicate salon-like grooming at home.
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According to Research and Markets, the Indian male grooming market stood at $643 million in 2018 and is projected to grow at a CAGR of over 11% to cross $1.2 billion by 2024. boAt aims to leverage the growth in the grooming segment.
Misfit is being positioned as a self-care and grooming brand which has been launched with a limited portfolio including T200 grooming kit and T50 Trimmer targeted at male consumers. Both the products will be available across Flipkart and boAt websites starting 28 June 2021. The company will also launch a range of women's personal care products in the market soon.
Aman Gupta, co-founder, boAt said that the company will strengthen its lifestyle portfolio under the ‘Misfit’ brand under which grooming products will be designed specifically for the millennials.
Launched in 2016 by Aman Gupta and Sameer Mehta, boAt’s product range includes a catalog of headphones, earphones, smartwatches, speakers, travel chargers, and premium cables.
boAt held a 37% share of the personal audio products segment in India in 2020, according to data from market intelligence firm Kalagato beating Chinese brand realme at a distant second spot at 8%.
The home-grown Indian brand has raised approximately $100 million from an affiliate of Warburg Pincus, a global private equity fund focused on growth investing in January 2021. The company currently has approximately 200 employees on its team across its offices in Delhi and Mumbai.
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