French beauty retailer Sephora is planning to expand its retail footprint in India over the next year by opening as many as 50 new stores in both metros and non-metro cities.
Sephora most recent retail expansion in India comes with the opening of its first store in the state of Gujarat. The new store is Sephora’s 23rd in the country and is located at Nexus Mall in Ahmedabad.
Sephora first entered the Indian market in 2015 by partnering with Arvind Fashions Limited. Since then, the brand has rapidly expanded across India and managed to gain a market share of around 30 percent in the premium segment.
“Sephora has grown with a CAGR of 63 percent and gained a market share of 28-30 percent in the USD 1.2 billion (Rs 8,600 crore) premium beauty market in the country, Our target is to open 6-8 stores every year and reach 50 stores by 2022. The premium category market is growing at 18 percent, but we have clocked a CAGR of 63 percent over the last four years” Vivek Bali CEO at Sephora India told the Businessline.
Sephora has been witnessing strong growth in the Indian market with metro cities contributing 60 percent to the brand’s overall sales and the remaining 40 percent coming from tier 2 and 3 cities.