âWith the opening of our first exclusive boutique in India, we are seeking to reconnect with the richness of face-to-face human interactions, thereby adding to the pleasure of consuming the product. As the next steps in the same direction, we have developed a roadmap for the next two years in which we will open more than 50 stores across the country, âsaid Shankar Prasad, CEO and Founder of Plum.
The company made a foray into the offline market in 2017. It claims to have over 750 assisted outlets and over 10,000 unassisted outlets in 225 cities across India. Speaking to ETRetail, the CEO of Plum said he added 50% more customers than he otherwise would have added, being online only.
Launched in 2014, Plum has 3 million customers and claims to serve 3 lake customers on a monthly basis. Offline sales represent around a third of Plum’s business. While the remaining two-thirds are done through online channels such as Amazon, Flipkart, Myntra, Purple and their own B2C platform, Prasad said.
Local brand Plum is popular for its flagship products in the skin care segment. Speaking about expanding the portfolio, Prasad said the company has just launched a bunch of products and they are close to being.
Speaking about the growth of the business, he said that Plum had a turnover of Rs 90 crore in fiscal year 21 and was growing 2.5 times on an annual basis. Going forward, he said Plum will continue to invest in retail expansion and R&D. In addition, the company plans to focus more on talent acquisition and technology. It had raised Rs 110 crore in its last round of funding in November 2020.
Sharing information on trends in the beauty and skin care industry, said Prasad, on the demand side things are very bright as many new categories have opened up and the existing categories are experiencing strong growth. growth, including facial cleansers, moisturizers, sunscreens, hair care, and makeup. He also said that on the supply side, there is competition within brands, with raising capital becoming easier at all levels.