Perfume brand name Riya intends to record 20% market share by 2025
Homegrown fragrance manufacturer Riya is targeting to record a 20 percent market share in the expanding scent industry by the year 2025. The business, which finished its 25-year trip, presently has a market share of around 11 percent.
The fragrance company in India was Rs 790 crore leaving out the shopping income, according to as the Nielson INTELLIGENCE Retail Audit Report, Jan-Dec 2021 as well as the industry is anticipated to expand to Rs 1,200 crore (consisting of e business) by 2025.
With an existing turn over of Rs 80 crore, the 25-year- old fragrance brand name desires be a Rs 240 crore business by 2025.
Founded in 1997 by NK Daga as well as LK Soni, Riya’s trip of turning into one of the leading fragrance brand names in India has actually been a distinct one. Overcoming a catastrophe that practically shuttered their company, the creators transformed Riya as a fragrance brand name. Now, second-generation business owner Aditya Vikram Daga wishes to take the brand name to brand-new elevations with his lately established businessPurpos Planet
“Riya has smartly value-positioned itself with powerful Indian concepts and old factory knowledge to appeal to the sensorial sensibilities of tier I, II, and III markets besides metropolitan cities,” stated Aditya Vikram Daga, Founder as well as CEO.
With items crafted by international brand names costing a costs as well as are commonly past the reach of the masses, Riya is providing an alternating alternative to spending plan consumers.
“We are focusing on this alternative space to global brands to expand the market,” Daga stated. In 2020, a brand name called Purpos Planet was developed out of a restructuring workout to expand as well as expand Riya’s company leads.
With development intends in mind, the brand name gets on a growth spree by increasing its offline existence in the brand-new customer sectors besides its launching on different shopping as well as social media sites systems.
“We will aggressively expand our distribution further in the existing markets and foray into new territories. Besides perfumes’ aggressive growth to consolidate our market leadership, we are equally focused on diversifying into beauty, grooming and personal care product categories to be announced in the near future,” Daga additionally stated.