 "Plum")
Plum, the direct-to-consumer beauty and personal care brand said it aims to open more than 50 offline stores across India by 2023 as part of its strategy. The company has a three million-strong customer base and serves 300,000 customers a month.
The firm on Wednesday announced the opening of its first-ever exclusive store at R-City Mall in Mumbai, with the goal of catering to a diverse customer base through online and offline retail touchpoints. The opening of exclusive stores reflects the company's strategy to develop “phygital” channels to serve its customers and building a true omnichannel approach to deliver customer delight and propel growth.
“With the opening of our first exclusive store in India, we are looking to bring back the richness of human face-to-face interactions, thereby, adding to the joy of consuming the product,” said Shankar Prasad, CEO and founder, Plum. “We have charted out a roadmap for the next two years wherein we will be opening over 50 stores across the country.”
Starting online-only in 2014, the brand has since built its distribution presence over the past four years, and now reaches over 225 towns and cities in India through over 750 assisted retail outlets, and over 10,000 unassisted retail outlets, all growing month-on-month. The addition of exclusive stores to this portfolio is expected to significantly increase Plum’s reach to its target customer segments. Plum said it finds itself in a leadership position with strong financials, a 2.5x growth year-over-year, and an annualised run rate of Rs 200 crore offering over 150 SKUs (stock-keeping units).
Plum is a digital-first, now omni-channel, beauty brand with a strong portfolio in skin care, hair care, personal care and makeup. With a path to profitability, Plum closed its last round of funding to raise Rs 110 crore in November 2020. The firm said it is also among the fastest-growing BPC (beauty and personal care) brands on key marketplaces such as Amazon, Flipkart, Nykaa and Myntra. The brand’s retail presence covers both general trade and key accounts such as Health & Glow, Shoppers Stop, Lifestyle and other department store chains.
