New Delhi, 5th Sep 2022: Leading perfume brand RIYA has completed the milestone of 25 years in the perfumes industry with a turnover of INR 80 crore despite pandemic-led market challenges in FY 2021-2022.
Founded in Kolkata in 1997, RIYA has also been certified to be the Perfume Segment Leader in India by Value Share for the third consecutive year by the prestigious Nielson IQ Retail Audit Report, Jan-Dec 2021.
The perfume business in India was INR 790 crore industry excluding the e-commerce revenue as per the Nielson IQ Retail Audit Report, Jan-Dec 2021. The industry is expected to grow to INR 1200 crore (including e-commerce) by 2025.
The homegrown brand, which has a pan India presence, is targeting a 20% market share in the growing perfume industry by 2025 to achieve INR 240 crore turnover.
“ India has a long history of perfumery expertise dating back over 300 years. The familiarity of the average Indian with complex fragrances, coupled with strong cultural factors has given Indian fragrances a unique character. The western idea of perfumes is more evolved on the axis of luxury and exotic, rare fragrances hence highly unaffordable for the mainstream Indian consumer. RIYA has smartly value-positioned itself with powerful Indian concepts and olfactory knowledge to appeal to the sensorial sensibilities of tier I, II, and III markets besides metropolitan cities,” said Mr. Aditya Vikram Daga, Founder & CEO, Purpose Planet.
“As perfumes are now increasingly becoming a part of everyday personal grooming instead of just for special occasion usage, the brand faces the challenge of widespread unorganized and rip-offs in perfumes market of tier II and III cities. Genuine global brands remain too expensive for everyday consumption and are beyond mass-market consumer reach, so most of them continue to remain special occasion perfumes. We are focusing on this alternative space to global brands to expand the market,” he added.
Purpose Planet was established in 2020 out of a restructuring exercise to diversify and grow the brand RIYA. The brand is on an expansion spree with plans of expanding its offline presence in the new consumer segments besides its debut on various eCommerce and social commerce platforms.“ Currently, RIYA offers a range of perfumes, deodorants, room fresheners, and air fresheners. We have a pan-India presence except in Kerala. We will aggressively expand our distribution further in the existing markets and foray into new territories. Besides perfumes’ aggressive growth to consolidate our market leadership, we are equally focused on diversifying into beauty, grooming, and personal care product categories to be announced in the near future. Given RIYA’s unique price-value proposition, we have social and eCommerce-specific strategies in advanced stages of finalization,” added Mr. Daga.
Interestingly, the brand has never spent significant funds on marketing. Trust and consistent world-class quality perfume experience performed wonders for the brand.