“In our first year we sold 70,000 units. Since then we have multiplied and are now aiming for 50 lakh product sales by March 2022. We are aiming for a realized net income of Rs 110 crore by March next year and Rs 300 crore and more in three years, ”The Man Company co-founder and CEO Hitesh Dhingra told PTI.
He added that the company is currently experiencing 20-25% month-over-month growth and plans to break even by September 2022.
The company has more than 150 employees and 85 to 100 product storage units (SKUs).
“When we started in September 2015, the men’s skincare category was literally non-existent. There were hundreds of brands aimed at women in personal care and grooming, but for men there was almost nothing. and we realized there was an opportunity to create niche and experiential products for men, ”he said.
He added that the company started out as a digital native brand and has since expanded into offline retail.
Dhingra pointed out that The Man Company was not in hypermarkets and supermarkets about a year ago, but that has now changed. The Man Company – which makes a large part of its sales through online channels – has already signed with 34 partners in the hypermarket / supermarket segment.
“Before the pandemic, around 60% of our sales were online and 40% offline. However, with the pandemic there has been a change in the makeup and the share of online sales has increased to 75%. expect to return to the 60-40 mix (pre-pandemic levels) by the end of the fiscal year based on the third wave, ”he said.
As part of the offline channel, the company’s products can be found in lifestyle-format stores, organized pharmaceutical and wellness stores, hypermarkets and supermarkets, as well as its own exclusive stores.
“We are increasing the number of points where our products are available in pharmaceutical and wellness stores and hypermarkets from 1,200 to 10,000 (by March 2022). About 90% of them are level II and beyond, ”Dhingra said, noting that 45 percent of its sales come from locations outside of the top 10 cities.
His collaborations include supermarkets like Spar, Spencer’s, More, Reliance Smart, hypermarkets like Metro Cash and Carry, Lulu, luxury stores like Shoppers stop, Central, Lifestyle and lifestyle pharmacies like Apollo, Med Plus and Guardian, among others. .
Dhingra said the company is also increasing the number of its exclusive stores and will increase from 20 to 65 by March of next year.
The brand will open four of these outlets in Ghaziabad, Jammu, Amritsar and Lucknow later this month.
“We are expanding offline with more new outlets so that consumers can buy premium products more efficiently and, more importantly, achieve that experiential value by touching, feeling and knowing all about the products. , especially under the guidance of our dedicated beauty team. We expect 2X retail growth from the new openings, ”he said.
The company has raised around Rs 75 crore in funding so far, of which Rs 70 crore has come from Emami and the rest of friends and family. It has 11 third-party manufacturing partners to manufacture its products in the country.
Asked about expanding the product line, Dhindra said the company plans to add two new categories, which is underway and in about 3 to 6 months.