U.S.-based luxury ayurveda skincare brand Shankara has tied up with Sri Sri Tattva to market its products in India, where it aims to expand its footprint.
The ayurveda brand plans to open 50 stores over the next three years in the country, primarily in metropolitan cities like Mumbai, Delhi, Kolkata and Bengaluru. Currently, Shankara sells its products on its website and the e-commerce sites Nykaa and Amazon. In addition, it intends to explore the shop-in-shops route.
Sri Sri Tattva, the consumer goods and wellness brand by spiritual leader Sri Sri Ravishankar, will give Shankara the platform to sell its products in the country.
“There is a huge appetite for luxury products. And from what I understand, the natural products section segment 40 percent of the personal care market,” Astha Katpitia, country head of Shankara, told BloombergQuint.
Katpatia pegs the $6.5 billion Indian personal care to grow at a compounded annual growth rate of 25 percent over the next seven to eight years.
Sri Sri Tattva aims to generate revenues of Rs 500 crore over the next two years from the franchise route as it aims to open 1,000 stores in the stipulated timeframe.
It plans to tie up with other established retailers, such as the one it has with online grocer Bigbasket.