Posted on : 2022-11-13 18:41:12
Article : Good morning, Monday Management Solution for Task 216- The key challenge of new businesses whether e-commerce business or retail business, it is managing the credit to keeping the working capital cycle to a bare minimum to ensure efficient capital use and rotation….
Following the TASK 216 part of the beauty industry growth factors herein we wish to discuss about two industry players. To prove the growth with mass brands and no price tags but could be with innovations these Two real-time cases are good examples for any new entrepreneurs to convert their ideas into actions with determination.
Recent few years ago, three young and health-conscious professionals of Indian ethnicity started off with a dream of making it big in the skincare and lifestyle industry by investing very little money. Fast forward to 2019 their company FIT & GLOW is a $50 million (Rs 350 crore) business and its brand, “Wow” is a national and global hit. The company managed to build a business purely via ecommerce with a small offline presence. Like all great success stories, wow too started small with heaps of challenges along the way.
Their initial venture failure was their retail business in laptops and electronics that piled up a loss of $1 million due to unsold inventory and the rise of deep discounts by ecommerce businesses in 2012. But that obstacle became the way when the founders turned their misfortune on its head and decided to embrace ecommerce.
FIT & GLOW is a Florida-based company focused on holistic wellness and personal care products. Inspired and enriched by nature’s healing goodness that has been recognized across cultures and down the ages which is now getting validated by science as well. The company has a strong connection with India, the land of millennia-old herbal healing system of Ayurveda, holistic living and yoga that seek to bring balance not just to body but also to mind and soul. They decided to focus on the health and beauty sector with investment on consumer-first strategy. The company presently has four umbrella brands – WOW, Nutrava, Body Cupid, and Shaving Station with a rich range of innovative products under each one. However, diversified the Fit & Glow product portfolio may be, it is unified by these common ethical values – only natural and most beneficial ingredients, no harmful additives, and convenience of use to suit modern, rushed lifestyles. They looked for natural and healthy nutrition and personal care products but found the markets and ecommerce portals full of synthetic and harmful products that did more harm than good in the longer run. Despaired but spurred to action, and inspired by their own holistic heritage, they then decided to set up a company that would offer pure and nature-enriched products untainted by synthetic, harmful additives which yielded their desired business results.
Yet another inspiring case -SUGAR- Back in 2014 Indian beauty industry was dominated by multinationals, very few of them had a range suited for the Indian complexion. At that time SUGAR Cosmetics entered the India market to enable women to explore, crack the code and relish the matchless beauty products that are exclusively recommended for them by beauty connoisseurs. The brand led the industry movement towards “mattes” with its cult-favourite range of Matte Liquid Lipsticks and equally popular Matte Eyeliners. This woman empowered Sugar cosmetics challenges are similar to what every other brand face in this industry. Whether it is e-commerce business or Retail – “managing the credit cycle is key to keeping the working capital cycle to a bare minimum to ensure efficient capital use and rotation”.
For Sugar cosmetics it was not just about selling colour cosmetics but building a distinct individuality for the brand. They bridge the gap between providing world-class quality of colour cosmetics and makeup pigments that suit Indian skin tones. Their range of products now include basic and advanced level makeup products for face, eyes and lips, an exciting skincare range, a range of ultra-luxe lipsticks, in different textures, variants and finishes. With their 2019 turnover touching INR 100 crores, on the retail front SUGAR brand visions to reach100+ Exclusive Brand Outlets across the country. SUAGR has their products packaging innovative with their Eye brow definer, Foundation stick, Mini long-lasting lip colour range.
Apart from the ecommerce SUAGR brand products have exclusive brand stores, self-operated kiosks, general trade stores and shop-in-shop in channel partners like Lifestyle, Shoppers Stop, Health & Glow, Project Eve and more.
End point- These are the stories of two young and vibrant companies that seamlessly blend the two worlds of traditional holistic wisdom and modern scientific innovation. The business success driver is vision with determination. Thus, these two entrepreneurs’ businesses do confirm that it is hard decision followed by equivalent hard work that succeed in business.
Log on to www.wingsofmanagement.com to know more about our “Strategy Management consultancy’s” versatile capabilities, global clients and to read our weekly posts and our projects.