Men's grooming products brand The Man Company aims to log over Rs 300 crore in net revenue in three years as it expands its retail presence in the country via hypermarkets and its own exclusive stores.
The company, which is backed by Emami, is also looking at achieving break-even by September next year.
"In our first year, we sold 70,000 units. Since then we have grown manifold and are now targeting 50 lakh product sales by March 2022. We are targeting a net realised revenue of Rs 110 crore by March next year and Rs 300-plus crore in three years," The Man Company co-founder and Managing Director Hitesh Dhingra told PTI.
He added that the company is currently witnessing 20-25 per cent month-on-month growth, and the company is looking at achieving break-even by September 2022.
The company has over 150 employees and 85-100 stock-keeping 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 when it came to personal care and grooming but for men, there was hardly anything and we realised that there's an opportunity to create niche and experiential products for men," he said.
He added that the company started as a digitally-native brand and has since then expanded to offline retail.
Dhingra pointed out that The Man Company was not present in hypermarkets and supermarkets about a year back but that has now changed. The Man Company - which gets a large portion of its sales from online channels - has already signed up with 34 partners in the hypermarket/super market segment.
"Pre-pandemic, about 60 per cent of our sales was online and 40 per cent was offline. However, with the pandemic, there has been a change in the mix and the share of online has grown to 75 per cent. We expect to get back 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 present across lifestyle format stores, organised pharma and wellbeing stores, hypermarkets and supermarkets, and its own exclusive stores.
"We are increasing the number of points where our products are available in pharma and wellbeing stores, and hypermarkets from 1,200 to 10,000 (by March 2022). About 90 per cent of these are in tier II and beyond," Dhingra said, pointing out that 45 per cent of its sales comes 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 format stores like Shoppers stop, Central, Lifestyle and lifestyle pharmacies like Apollo, Med Plus and Guardian among others.
Dhingra said the company is also expanding the number of its exclusive stores and that will increase from 20 to 65 by March next year.
The brand is opening four such outlets in Ghaziabad, Jammu, Amritsar, and Lucknow later this month.
"We are expanding offline with more new retail outlets so that consumers can purchase premium quality products more efficiently and most importantly, get that experiential value by touching, feeling, and knowing everything about the products, especially under the guidance of our dedicated team of beauty advisors. We are expecting 2X retail growth from new openings," he said.
The company has raised about Rs 75 crore in funding till date, of which Rs 70 crore was from Emami and rest from friends and family. It has 11 third-party manufacturing partners for making its products in the country.
Asked about expansion of the product lineup, Dhindra said the company is looking at adding two new categories, which is in the works and is about 3-6 months away.
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