The Man Company, the home-grown male grooming brand, is accelerating its offline presence and expects to close the current financial year with revenues of about ₹90 crore. The premium brand which caters to millennial men, aims to touch the ₹300 crore-revenue mark in the next two years.
“We expect to end the current fiscal with revenue of about ₹90 crore clocking almost 100 per cent growth over last year. We are currently seeing a monthly run rate of about ₹10 crore and expect it increase to about ₹13 crore per month and end the fiscal with an annual run rate of ₹150 crore,” Hitesh Dhingra, co-founder of the firm, told BusinessLine.
“While the April-May period was a bit flat due to the second wave, from June onwards, we have been witnessing strong growth as consumers turned to digital native brands in a big way. We have also been launching new products to meet the evolving needs of our consumers,” he added.
It may be noted that strategic investor, Emami Ltd, had increased its stake in Helios Lifestyle, which owns the brand, to about 45.96 per cent in June.
50 new stores
The company is now ramping up its offline presence through brand stores as well as across the general trade stores, especially in the upscale beauty product stores. “We currently have 30 brand stores and over the next four months, we will add about 50 more. While we are opening stores in metros, a large part of this expansion will happen in tier-1 and tier-2 cities, as we are seeing huge potential there. Infact, in December alone, we will be opening 17 stores,” Dhingra said.
The company offers the “head-to-toe” range of premium men’s grooming products, including skin care, face care, beard grooming, shaving, and perfumes, among others. In a bid to strengthen its positioning for the “millennial men”, the brand is looking to expand to adjacent categories. On the cards are products such as nutraceuticals and grooming tools such as trimmers and electric shavers.
“So, over the next six months, we will be expanding into newer categories. Our goal is to get to ₹300 crore revenues in the next two years. We are also targeting to break-even by March-April next year,” Dhingra added.