Direct marketing company Amway India said on Thursday it aims to increase sales by 10 per cent to become a Rs 700 crore (Rs 7 billion) company by the end of current fiscal.
The wholly-owned subsidiary of $6.2 billion Amway Coporation of USA entered the premium skincare segment with the launch of 'Attitude', an Indian specific cosmetic brand.
"We will be happy to achieve 10 per cent sales growth this year. But six to eight per cent growth seems more realistic," William S Pickney, managing diector and CEO of Amway India, said in New Delhi.
The company follows a September to August fiscal year and reported a 10 per cent sales growth in 2003-04 at Rs 636 crore (Rs 6.36 billion). The growth largely came from increased sales of India specific personal care and home care products.
Amway India started its operation in 1998 and today has over 55 products in four categories -- personal care, home care, nutrition and wellness, and cosmetics. The company has invested Rs 151 crores (Rs 1.51 billion) so far.
Pickney ruled out further investment to set up company-owned manufacturing facility in India but said that outsourced manufacturing operations would further be spruced up to increase India-centric product mix.
The company entered into Rs 325 crore (Rs 3.25 billion) premium skin care market with the launch of Attitude. Amway has priced the brand in the price range of Rs 200 and Rs 450 to get larger share of this market, Pickney said.
The company also plans aggressive promotion of Attiude using actress Diya Mirza as its brand ambassador.