Former Test captain and Team India coach Ravi Shastri is padding up for a new innings as an entrepreneur. His male grooming and hygiene products line, “23 Yards”, a yard longer than the 22 yards of a cricket pitch.
The 58-year-old former cricketer has partnered with personal care manufacturer Ador Multiproducts Limited to create the grooming products and hand sanitiser for a target group of 25 to 40 years.
“With 23 Yards, I’m stepping into this ever-evolving world of entrepreneurship and startups. The reason for choosing a men’s grooming line comes from my personal interest in looking and feeling great that eventually enhances the quality of your output whatever you may be doing,” Shastri said.
Meanwhile, Ador Multiproducts’ chairperson Deep Lalvani citing a ASSOCHAM report that the men’s grooming in India is projecting a massive compound annual growth rate of about 45%. At INR 16,800 Cr in 2018 in India, it is expected to touch INR 35K Cr by 2021. He believes that this is majorly due to the drastic transformation in grooming and self-care, especially among the younger generation.
Grooming Market Riding A Boom
The market is expected to touch $5.5 Bn in 2021, and has both well-established brands and startups competing for market share. Some big brands include Marico’s Set Wet, P&G’s Gillette and RB India Veet, while startups catering to this segment are Beardo, Colgate and Palmolive-backed The Bombay Shaving Company and Emami-backed The Man Company.
With the closure of salons, beauty/skincare-product retail shops and outlets because of Covid-19, almost 90% of the grooming-industry market was shut down between March and April 2020. However, the brands have seen a huge influx of demand since the market started reopening in May.
Post lockdown, MensXP Shop recovered 75% pre-Covid sales level with 20% higher repeat sales, The Man Company noted 200% growth between February and July 2020, Zlade witnessed 33% increase in monthly orders since May, LetsShave experience 4x increase in revenue, while Boldcare has a monthly growth rate of around 200-300%.
You can read more about the men’s grooming segment in our report, Men’s Grooming D2C Brands Go Eco-Friendly As Lockdown Shifts Male Beauty Trends.