Bombay Shaving Companywas in the news to raise a Rs 160 crore Series C fundraising round led by Malabar Investments.
- A direct-to-consumer brand, BSC says it aspires to reach Rs 500 crore in net income over the next two years.
- Deepak Gupta, COO, Bombay Shaving Company talks to us about the brand’s ambitions, expansion plans and marketing strategies.
Last week Bombay Shaving Company (BSC) made headlines for raising a Rs 160 crore Series C funding round led by Malabar Investments. A direct-to-consumer brand, BSC says it aspires to reach Rs 500 crore in net income over the next two years.
India has a huge retail market that is expected to grow from $ 779 billion in 2019 to $ 1,407 billion by 2026 and to over $ 1,800 billion by 2030, according to Kearney Research. Meanwhile, the online shopping segment had seen healthy growth and Covid came along and gave it just the push it needed.
In the online segment as well, people are now looking for niche, more personalized products, as well as organic brands, which give back to the environment or support causes, which has helped the growth of the D2C industry over the course of time. in recent years. In fact, Indian D2C brands are growing across all categories and are expected to grow into a $ 100 billion addressable market by 2025, according to Avedus.
Riding on this trend, brands like BSC have opened their doors wide. To understand his journey so far and understand where he wants to take the brand over the next few years, we spoke to
Q) We have just entered a new calendar year but are looking back on the year that has passed. How did the brand behave in 2021?
In 2021, we multiplied our revenues by 3.5 and became truly omnichannel. We have seen brand interest in small towns and cities, and have strategically built and invested in our offline channel presence, with one of the best startup sales teams in India. Today we have 25,000 points of sale across India. One of the big highlights of 2021 was the launch of the women’s hair removal business, with a Bollywood celebrity
Q) BSC has ambitious plans for global expansion…
Yes. We are already present in Nepal, Bangladesh, etc. and now plan to launch in US, Europe, GCC and Australia as the brand sees demand, especially from the Indian diaspora. We see that the international channel achieves our brand awareness over an 18-24 month period, adding 10-15% to our overall business turnover.
Q) Since you are already present in Nepal and Bangladesh, how did you market the brand there? How will your strategy be different for Western countries?
We have seen a few aspects of the brand resonate consistently, especially with the Indian Diaspora. First, the feeling of giving personalized gifts on memorable occasions, and second, the history of the ingredients in our products. Our products are enriched with superfoods and traditional ingredients. Third, we bring delicious micro-innovations in our products to provide a differentiated experience for our customers, especially in the hair management category. Marketing and branding on these three levers have worked well for us.
Q) What are the things that have helped BSC gain an advantage in the market?
We realized early on the importance of offline as a channel for our category and take a sustainable, forward-looking approach unlike others.
Q) What is the size of the men’s grooming market in the country and what are the opportunities there?
Our total addressable market is over Rs 35,000 crore. We are already a force to be reckoned with in the hair removal and management field and have huge ambitions to grow our presence exponentially over the next 2 years.
Q) Was 2021 a good year for you in terms of revenue? What are your expectations from 2022?
We have grown 3.5 times in 2021 and aspire to reach Rs 500 crore of net income within the next 2 years.
Q) In your opinion, what is in your marketing strategy that you are right?
We invest in the creation and awareness of the first funnel brand, beyond simple performance marketing. We have identified brand ambassadors who perfectly match the brand’s personality. We have a data-driven mindset and leverage D2C as an information engine to understand and respond to changing customer preferences quickly. We are also embarking on a hyper local marketing approach, which we had successfully tested in 2021.
Q) Going forward, what are your main areas of focus as a marketer to build a stronger connection with your consumers?
We want to focus strongly on the “epilation and hair management” space for men and women. Our goal is to build the brand on the back of strong content, relevant brand ambassadors and memorable ideas. We also plan to step up innovation in product development and increase our offline presence from 25,000 touchpoints to 200,000.