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

Body Cupid Private Limited, the company which operates D2C skincare brand WOW Skin Science, managed to narrow its net loss by 40% to INR 130.2 Cr in the financial year 2023-24 (FY24) from INR 258.1 Cr a year ago, despite a degrowth in its topline.

Revenue from operations declined 10% to INR 233.5 Cr during the year under review as compared to INR 258.1 Cr in the previous fiscal year, according to the company’s annual financial report sourced from Tofler.

The Bengaluru-based company managed to cut its overall expenses in FY24 to INR 377 Cr, a more than 22% decline from INR 486 Cr a year ago.

After reducing its losses in FY24, WOW Skin is now aiming to achieve “near break-even” in Q4 FY25 and turn profitable by 2025, its cofounder Manish Chowdhary told ET.

“We anticipate further reduction in losses this financial year, aiming to reach near break-even in Q4 (fourth quarter) and target full profitability in the coming year… With adequate capital reserves for the short to medium term, we are well-positioned for a strong performance in 2025,” the publication quoted Chowdhary as saying.

Founded in 2014 by Karan Chowdhary and Manish Chowdhary, WOW Skin Science offers a range of beauty and personal care products across skin, hair, bath and body, and nutrition categories.  

The company sells its products in more than 200 Indian cities and has established its presence across 22 countries, with a focus on the US and South Asia as anchor markets. In 2022, it also expanded to the UAE market and in 2023 to Saudi Arabia.

It was reported earlier this year that WOW Skin was in talks with investors to raise $65 Mn-$75 Mn at a valuation of $400 Mn.

Recently, the company made its foray into the cosmetics space with the launch of Color Cupid.

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 become $28 Bn opportunity by 2030, driven by consumers’ willingness to pay more for products that address specific needs and their trade-up to masstige and prestige products.

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