France-based beauty retailer Sephora opens first store in Gujarat

France-based beauty retailer Sephora opens first store in Gujarat

Agency News

Ahmedabad, Nov 23: France based beauty retailer Sephora on Saturday said that it has grabbed over one fourth of the around Rs 2000 crore ($1.6 billion) sized premier segment market in India within five years of its entry in the South Asian country.

The company had opened its first store in India in 2015 as Sephora India, a joint venture with Gujarat-based Arvind Beauty Brands.

On the occasion of the opening of its 23rd Indian store here as the first store in Gujarat, CEO, Sephora India at Arvind Beauty Brands Vivek Bali said that ''the company which was in to make up, skincare, hair-care and fragrances related beauty business, has seen a CAGR of 63 per cent sales in last four years in India as against market average of 18 per cent.

''It has become the number one brand in the country in the premium segment with 28 to 30 per cent market share. The company which was planning to take the number of Indian stores to 50 by 2020 expected to continue its revenue growth by 60 to 65 per cent.''

He further said that the company plans to open six to eight new stores each year till 2022. In Gujarat it might open new stores in Vadoadara and Surat.

Earlier, the queen of erstwhile state of Baroda Maharani Radhika Raje Gaekwad had inaugurated the store situated in Ahmedabad one mall here. (UNI)