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Homegrown FMCG firm Bajaj Consumer Care is planning to launch new products in different categories under its flagship Bajaj Almond Drops brand as it seeks to tap on the equity of the popular hair oil label, according to a top company official.
The firm, which on Tuesday launched a moisturising soap under the Bajaj Almond Drops umbrella, is looking to bring products in haircare and skincare under the brand.
The plan to introduce new products under the Bajaj Almond Drops umbrella is part of the company's three-pronged long-term strategy to drive growth that includes completing the hair oil portfolio and launching of direct to consumer brands, Bajaj Consumer Care Managing Director Jaideep Nandi told PTI.
"The third and a large part of our strategy was when we were looking at growth, where else Bajaj has the right to win. Clearly, it came back that we need to use this equity of Almond Drops beyond hair oil. In other formats in personal care, this product can go in both skincare as well as haircare premium category," he said.
Almond Drops today is used by about six crore households, Nandi added.
"So, soap is just the first of the launches and then we have a few more products in coming quarters that we will launch both in the haircare as well as skincare formats. It is the umbrella that we are pushing and not really just the soap," he added.
Asked how many products the company will launch, he declined to share a specific number but said it would depend on consumer response and demand.
Nandi also said the diversification of the brand portfolio will also reduce the over-dependence of the company on just the Bajaj Almond Drop hair oil while growing the overall lineup.
Out of close to Rs 900 crore revenue that Bajaj Consumer Care clocked last fiscal, he said, "about 90 per cent comes from Almond Drops. So, about Rs 800 crore came from Almond Drops last financial year and that is what we are looking at changing".
Nandi further said, "While the Almond Drops hair oil we would like to keep on increasing but we would like to see that the contribution of Almond Drops to the entire portfolio of the organisation coming down a little bit so that we are not completely dependent on only one brand of Almond hair oil brand".
Despite difficult market conditions, he said, "We are pretty buoyant about the new product launches and we expect some significant growth as far as new products are concerned".
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, June 28 2022. 18:21 IST