The brand that started operations after the pandemic in 2020, has sales of over 2 million units and reached over 50 million consumers over the past two years.
“Renee is one of the fastest D2C brands in India to reach Rs100 crore ARR ((annual recurring revenue) mark within 20 months. We want to continue working assiduously and aim to become a Rs 500 crore revenue company by 2024,” said Ashutosh Valani, co-founder of Renee Cosmetics.
At present, Renee’s network has more than 100 distributors across India with products reaching 500 manned stores and 2500 general stores. The company said it is exporting its products to the UAE and has plans to expand its footprint to other countries.
The Indian cosmetics and toiletries market is at an inflection point, experts said. The market expanded by 5.6% CAGR during 2015-20, with value sales rising from $11.1 billion in 2015 to $14.6 billion in 2020 when COVID-19 arrived, according to GlobalData. With the pandemic restrictions easing gradually, the researcher forecasts the cosmetics and toiletries sales in India to grow by 7.2% CAGR over 2020-25 to reach $20.6 billion. And e-retailing gained popularity during the COVID-19 pandemic and is projected to outpace all other channels, expanding by 13.8% CAGR over 2020-26.
The direct-to-consumer (D2C) makeup firm raised $10 million in Series A led by Mensa brands earlier this year. “We aim to disrupt the makeup industry with our unique products and change the way people look at makeup and take its artistry to the next level,” added Valani.