NEW DELHI : Bajaj Client Care Ltd is ready to diversify its vary beneath the flagship Almond Drops model by launching extra pores and skin and hair care merchandise. That is a part of a broader try and diversify its portfolio.
The Almond Drops hair oil model brings in 90% of the corporate’s income. Earlier this month, it launched Bajaj Almond Drops cleaning soap to faucet into the ₹20,000 crore cleaning soap market in India. Extra launches are underway, Jaideep Nandi, the corporate’s managing director, mentioned in an interview on Tuesday.
Extension into the soaps class is only a “start line” of the model’s diversification technique. “So we’re probably not taking a look at cleaning soap as a class. We wish to supply a spread of premium to reasonably priced merchandise each in pores and skin and hair care beneath the Almond Drops portfolio,” Nandi mentioned, declining to specify the classes it may have a look at sooner or later. “No matter you possibly can affiliate almond and nourishment with—that’s what we will likely be taking a look at,” he mentioned.
The corporate attracts a majority of its enterprise from the Almond Drops hair oil model, which can be its most generally distributed model within the nation.“Until final 12 months, for those who have a look at our portfolio, greater than 90% was Almond Drops—that’s how giant it’s. We wish to considerably deliver it down, not by bringing down Almond Drops (oil) however by growing the share of the remainder of the portfolio,” he mentioned.
Bajaj Almond Drops Hair Oil competes with different manufacturers within the ₹13,500 crore hair oil market. It was reaching 4.26 million shops within the nation as of March 2021. Inside the gentle hair oil class Almond Drops corners an estimated 65% market share, in keeping with the corporate.
The transfer to diversify its portfolio comes at a time the hair oil market in India is present process a shift. Development within the hair oil market has been sluggish. “The hair oil market has remained stagnant over the previous few years,” Nandi mentioned. In FY22, the hair oil market grew by 4.2%, recovering to pre-covid ranges however volumes grew by solely 2.2%. Market progress, nevertheless, was subdued within the March quarter of the final fiscal, with volumes declining 6.5% in comparison with the year-ago interval.
Supply: Live Mint