WOW Skin Science Ventures Into Cosmetics With Color Cupid

WOW Skin Science Narrows Loss To INR 130 Cr, Revenue Dips 10% In FY24

SUMMARY

Body Cupid Private Limited, which operates WOW Skin Science, launches 'Color Cupid', a cosmetics brand targeting younger demographics with 40 SKUs including kajal, lipsticks, and foundation.

Color Cupid to be available online and offline across 1,000+ stores, focusing on key regions like Delhi-NCR, Mumbai, and Pune.

The move comes as WOW Skin Science reports 40-50% revenue growth in FY24, while Body Cupid Private Limited is reportedly seeking $65-$75 Mn funding at a $400 Mn valuation.

Body Cupid Private Limited, which operates D2C skincare brand WOW Skin Science, has reportedly made its foray into the cosmetics space with the roll out of Color Cupid.

Designed for younger demographics, Color Cupid offers nearly 40 SKUs, which include kajal, eyeliners, lipsticks, foundation, BB cream, primer and makeup remover among others.

Financial Express first reported the development on June 27.

In a LinkedIn post, WOW Skin’s cofounder Manish Chowdhary said, “We aim to revolutionise the beauty industry by bridging the gap between your inner world and outer expression. We want to help you find a look that reflects who you are, without seeking validation or judgement.”

The newly launched brand will be available both online and offline with over 300 beauty advisors and more than 1,000 makeup stores. Color Cupid will focus on regions such as Delhi-NCR, Punjab, Lucknow, Mumbai, Pune and Vadodara, the post added.

The GIC and ChrysCapital-backed firm already has four brands namely Wow Skin Science, Wow Life Science, Body Cupid, and Nature Derma. In 2019 the company expanded its operations to the US, increasing its global presence to 22 countries. Wow Skin Science says it draws around 10-12% of its revenue from the international market.

WOW Skin Science has shown strong growth, reporting a 40-50% increase in revenue for FY24, up from INR 320 Cr in FY23. The company’s offline sales, through 40,000 retail touchpoints, contributed 25% to the total revenue. However, for the financial year ended 31 March 2023, the company’s losses jumped 56% to INR 213 Cr from INR 136 Cr in FY22.

In May, it was reported that WOW Skin Science is in talks with Japanese and Middle East-based funds to raise $65-$75 Mn in primary capital at a valuation of $400 Mn, the same valuation as its previous round when GIC infused $48 Mn in 2022.

WOW Skin Science competes against brands like Plum, Mamaearth, Juicy Chemistry, Organic Harvest, mCaffeine, Beardo, and Bombay Shaving Co.

The Indian beauty and personal care market is expected to reach $30 Bn by 2027, driven by consumers’ willingness to pay more for products that address specific needs and their trade-up to masstige and prestige products.