L'Oreal eyes Rs 1,000 cr turnover in India by year-end

French cosmetic giant L'Oreal today said it expects to achieve a turnover of Rs 1,000 crore in India by the end of this year, with a major chunk of the sales coming from its 'Garnier' skincare range.

"This year, we expect that we will touch Rs 1,000 crore. It has been a good year for us and India is one of the fastest growing markets for L'Oreal," L'Oreal India Chief Operating Officer and Director (Luxury Division) Dinesh Dayal told PTI.

The company, which had a turnover of Rs 800 crore last year, said its 'Garnier' skincare range catering to the mass market has been a huge success in India.

"Garnier today is a big brand. Besides, we had introduced products under the brand which are specific for Indians, like shampoos, deodorants and men's fairness cream. These have driven growth this year," he said.

At present, L'Oreal sells 13 international brands in India. While products like Garnier, L'Oreal Paris and Maybelline New York are targeted at the mass market, it also offers brands like Lancome, Giorgio Armani and Ralph Lauren in the luxury segment.

The company, which yesterday introduced its global luxury skin care brand 'Kiehl's' to India, said its premium products constitute just a small portion of its business in the country.

"Luxury and premium brands contribute a small amount to our overall sales. However, we see a lot of potential. To launch Kiehl's, we had to wait for the right distribution and the market to grow," he said.

Dayal said the company is also looking at more India-specific products to drive expansion of its business in the country.

The company had earlier said it is looking at developing a full-fledged R&D centre in India to develop specific products for India.

It recently upgraded its scientific testing centre in Mumbai into a research centre.