Click to play videoMumbai: It's adding colour to the beauty business in India. Luxury cosmetics brand Estee Lauder is the latest entrant in a market that is seen as the beauty spot in the emerging markets.
The cosmetics brand has become a part of American folklore, thanks to its founder, Estee Lauder who built the brand with some revolutionary sales methods – from introducing the model spokesperson to the free sample. A path followed by her granddaughter Aerin Lauder who is spearheading the company today.
While most foreign brands have come in through local distributors, Estee Lauder is making a direct entry, like Chanel, its closest competitor in the luxury segment.
“The Indian prestige market is growing by 25 percent plus, that's a great opportunity, where else will you get such a market?” VP, Regional Director, Estee Lauder, Sonia Michon-Floc'hlay said.
While globally the trends have veered towards the anti-aging segment of skin care, Estee Lauder expects a younger audience in emerging markets like India. But luxury comes at a price, which often takes the gloss off the product especially with high import duties.
“We have decided to be on par with Dubai and Europe, we have to be fair or why else would they come here,” Sonia said.
With the Indian luxury goods market estimated to be worth $445 million, and with big names entering, expect to see more than just a cosmetic change in the business of beauty.
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