RENÉE Cosmetics, a homegrown beauty brand, has taken a significant leap in the competitive beauty market. Known for innovative makeup and skincare products, RENÉE achieved a major financial milestone by doubling its revenue, reaching Rs 200 crore in FY24. This growth story highlights RENÉE’s successful strategies in marketing, product diversity, and the rising demand for direct-to-consumer (D2C) brands in India’s beauty industry.
Exponential Growth in Revenue:
Founded by Aashka Goradia Goble along with Beardo co-founders Priyank Shah and Ashutosh Valani, RENÉE initially positioned itself as a trendsetting D2C brand, offering high-quality beauty products. In FY24, the brand reported a remarkable increase in revenue, scaling up from approximately Rs 100 crore in FY23 to Rs 200 crore. This impressive 2x growth places RENÉE alongside other thriving beauty brands, emphasizing its ability to capture market share quickly amid fierce competition from established names like Lakme and newer players like Sugar Cosmetics and MyGlamm.
Growth Strategies and Funding:
RENÉE’s rapid growth is attributed to a combination of strategic funding and market reach expansion. The company raised Rs 100 crore in June 2024, led by investors including Evolvence India and Edelweiss Group, at a valuation between Rs 1,200 and 1,400 crore. This funding round enabled RENÉE to scale its product offerings and widen its reach, both online and through over 650 shop-in-shop formats across India, a strategic move for increased brand visibility and consumer accessibility.
Product Innovation and Market Expansion:
RENÉE’s unique product portfolio, featuring a range of eye makeup, lip colors, serums, and highlighters, has resonated well with consumers. The brand’s approach includes innovative marketing strategies and collaborations, tapping into evolving beauty trends. Not only does RENÉE leverage third-party e-commerce platforms for sales, but it also focuses on quick commerce platforms, responding to consumer demand for quick and convenient shopping experiences.
Outlook for RENÉE Cosmetics:
RENÉE aims to achieve the ambitious goal of Rs 500 crore in revenue by 2025. As it scales operations and strengthens its brand presence, the company’s journey exemplifies the potential of India’s D2C beauty market. RENÉE’s future initiatives will likely include continued expansion across tier 2 and tier 3 cities and further digital marketing investments to build a stronger customer base.
Conclusion:
RENÉE Cosmetics’ exponential growth is a testament to the brand’s effective business strategies, consumer-centric approach, and market adaptability. The brand’s rise demonstrates the increasing value and demand for quality D2C products in India, suggesting a bright future for RENÉE in the competitive beauty industry.
Source: This article is based on information from Entrackr and related industry reports.
Key Highlights:
- RENÉE Cosmetics doubled its revenue to Rs 200 crore in FY24.
- Raised Rs 100 crore in June 2024, increasing its valuation to Rs 1,200-1,400 crore.
- Plans to reach Rs 500 crore revenue by 2025.
- Expanded retail presence with over 650 shop-in-shop stores across India.
