Modicare aims Rs 500 cr turnover in five years

Direct selling firm Modicare today said it plans to achieve a turnover of Rs 500 crore in the next three to five years as it looks to expand its presence, specially in Tier II and Tier III cities.

The company, which sells personal and skin care range and nutrition products among others, said it expects to close this fiscal with a sales of over Rs 100 crore.

"Our five years strategy is to have a growth rate of 50 per cent yearly and achieve a sales of Rs 500 crore in the next three to five years," Modicare Chief Executive Officer Amrish R Anand told PTI.

 

The company, which announced its entry into the premium skincare range, said it has earmarked an investment of Rs 50 crore on developing products and on opening more centres across the country.

"We are working on innovating our products... Expand our range for which we will invest Rs 50 crore. Our focus right now is to reach out to every nook and corner of the country, specially the smaller towns and cities," Anand said.

In the next three years, Modicare plans to take its total number of centres to 100 from 40 currently.

It is also looking at introducing a concept of lifestyle centres, where it will display its products and for other customer services.

Besides, the company said it is planning to expand  in international markets like the Middle East and Europe. It currently has its presence only in Nepal.

"We have just entered Nepal. We plan to get into more countries like the Middle East, which we think is our potential market. We will also be looking at the Eastern Europe market," Anand said.