Revlon enters Lankan market
Shirajiv SIRIMANE
Revlon is the first international colour cosmetic brand to enter Sri
Lanka.
It has set up its own full scale operations in the country investing
Rs. 100 million.
Revlon has formed a company in Sri Lanka, Revlon Lanka, which is a
wholly owned subsidiary of Modi Revlon, India’s leading cosmetics and
toiletries company.
Revlon Lanka announced its foray into the Sri Lankan cosmetics and
toiletries market with the launch of its brands Revlon and Street Wear
yesterday.
The company has launched its extensive range of colour cosmetics and
toiletries products in Sri Lanka. The company employs over 150 and it
will soon have over 500 direct employees.
Chairman, President and CEO of Modi Revlon, Umesh K Modi said, “Sri
Lanka offers untapped potential in the cosmetics and toiletries market.
We intend to get the first mover advantage and establish Revlon’s equity
in Sri Lanka.
Our vision is to make Revlon the most preferred brand of cosmetics in
Sri Lanka, and make our first international operation a success,” he
said.
Modi said Revlon will replicate its Indian success story in Sri Lanka
with its Store in Store Strategy. It will be placing exclusive beauty
advisors in potential doors to promote and sell its wide range of colour
cosmetics.
Modi Revlon has set up a state of the art manufacturing unit in
Colombo to cater to the needs of the Sri Lankan market and other
neighbouring countries.
This manufacturing facility will produce an extensive range of
products in different product categories, which includes colour
cosmetics, skin care, hair colours, shampoos and conditioners.
He said that the local cosmetic market is valued at over US $ 150
million and it has an 11 per cent annual growth.
“Due to this we see huge opportunity.”
He said that Westerners have a wrong perception on investing in Sri
Lanka due to the war. “This is an investment paradise,” he said. |