DUBLIN: Swedish cosmetics major Oriflame is planning several initiatives for the Indian market, including development of new products and entering new verticals, as it aims to grow by 25 per cent year-on-year for the next five years in the country.
The company, which is present in India through a wholly owned subsidiary--Oriflame India, currently markets around 600 products in India across five segments including skin care and hair care.
"In India, penetration level of direct selling segment is still very low, so there is an immense opportunity for growth... We expect a 25 per cent growth in sales year on year for the next five years," Oriflame India Marketing Director Sharmili Rajput told PTI.
She added that the company is hoping to double sales revenue from India by 2016 and also aims to double the number of its consultants (direct selling agents) in the country in the next three years.
The company currently has around 2.5 lakh consultants in India. Rajput, however, did not share revenue figures for India.
Commenting on the plans for the Indian market, Oriflame Executive Vice President Global marketing and R&D, Johan Rosenberg said the company is in the process of launching special products for India focussing on hair and right textured colour cosmetics.
"We have done a special study on India understanding the Indian population and really are trying to target certain developments only for the Indian market and feel we have great opportunity to deliver something which is much more relevant to the population (India)," he added.
The company is planning to launch certain products, including shampoo and skin care products, especially for the Indian market, Rosenberg said.
"We see that the market (India) is on itself growing a lot, there is a development of a middle class in a completely different way that we have seen previously in India...We are today the biggest direct selling cosmetics company in India and we want to keep that position," he added.
He said India, along with Asia Pacific region is the fastest growing market for Oriflame globally. The company, which posted revenues of 1.5 billion euro in 2012, markets its products in over 60 countries.
When asked about the company's plans for health and wellness segment, Rajput said: "We have several products including shakes, antioxidants, vitamins in our global portfolio, what would be available in India is still to be decided."
Oriflame India, which recently bought a factory in Uttarakhand to enter health and wellness space, intends to start selling the products in the country next year.
According to estimates, the direct selling market in India is estimated to be around Rs 7,300 crore per annum.