India’s cosmetics industry is valued at more than Rs. 1100 crores, and is expected to grow year on year at CAGR 6.5 % from 2022 - 2027. In such a scenario, beauty and luxury brands are increasingly looking to broaden their footprint. To do so, influencer marketing has become a key strategy for brands and recently Parcos hosted its first-ever Beauty Influencer Awards to recognise India’s top influencers with Elle and Brand Partnerships at The St. Regis Mumbai.
“The Indian beauty market today offers a number of international brands, along with indigenous brands in natural segments. With technology, new age purchase patterns, both offline and ecommerce, and also because we are one of the youngest populations globally, we see this segment continuing to grow.
While all our customers are important, Millennials and Gen Z are the customer cohorts Parcos is aggressively targeting. We aim to reach out to this segment by utilizing influencer marketing strategies to encourage adoption and education. We also aim to build long term partnerships with the influencers chosen today to foster a sense of brand loyalty and further establish credibility within their audiences,” said Villoo Daji, SVP, Group Marketing Head, Baccarose Perfumes and Beauty Products Pvt. Ltd.
At the ceremony, special awardees included actor Yami Gautam Dhar who received the Beauty Change Maker of the Year Award, and actor Alaya F who received the Gen Z Beauty Icon of the Year award. Other than Gautam and Alaya, 22 of India’s beauty influencers in 4 lead categories were “gratified."
The jury included Narendra Kumar, Jatin Kampani and Dr. Harshna Bijlani among others who evaluated the winners.The awardees included Madhuri Saritha for Exemplary Hair and Skin care, Rahul Sharma for Exemplary Fragrance, Priyam Yonzon for Best Breakout Female Influencer, and Shantanu Dhope for Best LGBTQIA+ Influencer.
Many brands are planning to extend their appeal beyond big metros. “Consumption trends show that Tier 2 & Tier 3 cities are potential markets that show a lot of promise. We’d like to further tap into this base of luxury enthusiasts and aspirants alike with both digital and on-ground retail interventions,” added Daji.
Within the cosmetics industry self-care has become a chief segment, especially since the pandemic. “Today consumers are making self-care a priority, which translates into skincare and grooming products seeing an upward consumption trajectory. Men’s grooming is another category that will see sustained growth over the next few years, as men begin to adopt grooming rituals, “ Daji concludes.