Entry of newer players expanding male grooming market: Philips
Taurani said the increase in competition from entry of newer brands will benefit the category considering penetration is a mere 14-15%.
Taurani said the increase in competition from entry of newer brands will benefit the category considering penetration is a mere 14-15%. “Clean shaven was the norm earlier, but now a lot of people want to maintain facial hair. Competition is intensifying which will accelerate penetration and also expand the growth rate,” he said.
Last month, smartphone and TV maker Xiaomi had entered personal grooming space in India with the launch of beard trimmer while several other brands have ventured into this space through e-commerce.
The electrical male grooming segment is valued at Rs 1,000 crore, growing at 15% annually. Taurani said while growth rate has come down due to the increased base, yet the pace of newer consumers adopting the products has not slowed down.
Philips on Monday launched a new electric male grooming device which combines styling, trimming and shaving in one device. The range is going to be marketed by Indian cricketer Virat Kohli who is the brand ambassador.
“The male grooming is one of the few business where are we are investing and has become the core of the personal health business in India. We would look at lowering the entry price point. The association with Virat is long term and includes certain categories but major focus will be on the male grooming segment,” said Taurani.