Perfume maker Riya eyes diversification, aims to capture 20 pc market share by 2025
Aug 25, 2022
New Delhi [India], August 25 : Homegrown perfume maker Riya is targeting to capture a 20 per cent market share in the growing fragrance industry by the year 2025.
The company, which just completed its 25-year journey, currently has a market share of around 11 per cent.
The perfume business in India was Rs 790 crore excluding the e-commerce revenue, as per as the Nielson IQ Retail Audit Report, Jan-Dec 2021 and the sector is expected to grow to Rs 1,200 crore (including e commerce) by 2025.
With a current turnover of Rs 80 crore, the 25-year-old perfume brand aspires to be a Rs 240 crore company by 2025.
India has a long history of perfumery expertise dating back over 300 years and the familiarity amongst Indians backed by strong cultural factors has given Indian fragrances a unique character.
"Riya has smartly value-positioned itself with powerful Indian concepts and old factory knowledge to appeal to the sensorial sensibilities of tier I, II, and III markets besides metropolitan cities," said Aditya Vikram Daga, Founder and CEO.
With products crafted by global brands selling at a premium and are typically beyond the reach of the masses, Riya is giving an alternate option to budget customers.
"We are focusing on this alternative space to global brands to expand the market," Daga said.
In 2020, a brand called Purpos Planet was established out of a restructuring exercise to diversify and grow Riya's business prospects.
With growth plans in mind, the brand is on an expansion spree by expanding its offline presence in the new consumer segments besides its debut on various e-commerce and social media platforms.
"We will aggressively expand our distribution further in the existing markets and foray into new territories. Besides perfumes' aggressive growth to consolidate our market leadership, we are equally focused on diversifying into beauty, grooming and personal care product categories to be announced in the near future," Daga further said.
