Cosmetic firm Hygienic Research Institute, which sells a range of products under the Streax and Vasmol labels, is planning to launch two new brands this fiscal and targeting a significant growth in its professional products vertical.
The company is looking to market a new hair care brand and also foray into men's grooming category by the end of this financial year, Hygienic Research Institute (HRI) Professional Division Head Rochelle Chhabra told PTI.
"At present, professional division contributed about 15-20 per cent of Hygienic Research Institute's overall sales...but we expect is to grow significantly...We have about 150 stock keeping units (SKUs) under professional division," Chhabra said.
The company is also mulling introducing a new brand skin care portfolio in the near future.
It had reported a turnover of Rs 500 crore in the previous fiscal. HRI is now eyeing a turnover of Rs 750-800 crore in the next two years, she said.
In 2015, Wipro chairman Azim Premji's firm Premji Invest had invested Rs 216 crore in HRI.
It has various hair colour products across all formats like powder, creams and Henna, which cater to both consumers and professionals through its brand Vasmol, Streax and Streax Professional. HRI's skin care brand is Florozone.
Streax brand is sold through 3 lakh outlets and 25,000 salons globally. HRI has several manufacturing plants in India and one in Bangladesh.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)