Men’s grooming brand The Man Company is aiming to register more than Rs 300 crore in net revenue in three years as it expands its retail presence in the country through hypermarkets and its own exclusive stores.
The company, which is backed by Emami, also plans to break even by September next year.
“In our first year, we sold 70,000 units. Since then, we have experienced multiple growth and are now targeting 50 lakh in product sales by March 2022. We are targeting realized net income of Rs 110 crore d ‘by March next year and Rs 300-plus crore three years from now,” said co-founder and managing director of The Man Company, Hitesh Dhingra. PTI.
He added that the company is currently experiencing monthly growth of 20-25% and plans to break even by September 2022.
The company has more than 150 employees and 85 to 100 stocking units (SKUs) of products.
“When we started in September 2015, the men’s grooming category was literally non-existent. There were hundreds of brands catering to women in grooming and personal care, but for men, there was no was practically nothing and we realized there was an opportunity to create niche and experiential products for men,” he said.
He added that the company started as a digital native brand and has since expanded into offline retail.
Dhingra pointed out that The Man Company was not present in hypermarkets and supermarkets about a year ago, but that has now changed. The Man Company – which derives much of its sales from online channels – has already signed up with 34 partners in the hypermarket/supermarket segment.
“Before the pandemic, about 60% of our sales were online and 40% offline. However, with the pandemic, there was a change in the composition and the share of online sales increased to 75%. expect to return to the 60-40 mix (pre-pandemic levels) by the end of the fiscal year depending on the third wave,” he said.
Under the offline channel, the company’s products are found in lifestyle stores, organized pharmaceutical and wellness stores, hypermarkets and supermarkets, and 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 the top 10 cities.
Its 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 that will increase from 20 to 65 by March next year.
The brand will open four such outlets in Ghaziabad, Jammu, Amritsar and Lucknow later this month.
“We’re expanding offline with more new outlets so consumers can buy premium products more efficiently and most importantly, get that experiential value by touching, feeling and knowing all about the products, especially under the guidance of our dedicated beauty team expecting 2X retail growth from new openings,” he said.
The company has raised around Rs 75 crore in funding till date, of which Rs 70 crore came from Emami and rest from friends and family. It has 11 third-party manufacturing partners to manufacture its products in the country.
Asked about the expansion of the product line, Dhindra said that the company is planning to add two new categories, which are in the works and in around 3-6 months.
(To receive our E-paper on WhatsApp daily, please click here. We allow the PDF of the paper to be shared on WhatsApp and other social media platforms.)
Published on: Monday 06 September 2021, 12:35 IST