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enrichsalon.com

Founded Year

1997

Stage

Acq - Fin | Alive

Total Raised

$10M

About Enrich Salon

Enrich is a unisex salon chain in Mumbai, India.

Enrich Salon Headquarter Location

301/302 - Kamla Executive Park Vazir Glass Works Lane, J. B. Nagar, Andheri East

Mumbai, 400053,

India

+91 1860 266 3000

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Latest Enrich Salon News

From the chain of salons to the “beauty destination”, Enrich Charts A reinitialization of the strategy

Nov 3, 2021

From the chain of salons to the “beauty destination”, Enrich Charts A reinitialization of the strategy Until now, entering an Enrich Salon has only meant a haircut, facial or other beauty service. But each new Enrich salon will now have as much space dedicated to retail beauty product purchases as the company undergoes a strategy reset from Enrich Salons to Enrich Beauty. Beauty salon chain Enrich, currently present in six cities, is in the process of transitioning from a beauty services player to a beauty product retailer that will house multiple brands in the beauty segments, from makeup to skincare. the skin through hair care and perfumes. According to Enrich CEO Vivek Bali, there is already a captive audience that visits the show every month. “Customers come here for services every month but they go out to buy these products. But why should they go elsewhere? They are here for 40 minutes to an hour and so can also buy cosmetics at the end or at the beginning of it. . So it’s like a one-stop-shop for everything related to beauty. This is the main idea behind this execution, ”he adds. The opportunity is also great. India’s beauty and personal care (BPC) market, size of Rs 1,267 billion in 2019, has grown at a CAGR of 13% over the past three years. While the market fell to Rs 1120 billion in 2020 due to the first wave of COVID, it is expected to grow at a CAGR of 12% to reach Rs.1981 billion in 2025, according to a RedSeer Beauty and Health report. personal care and fashion in India. Markets mandated by Nykaa as part of its initial public offering. And while the PCB market is still largely unorganized, the share of the unorganized PCB market increased to 71% in 2019 from 77% in 2016 thanks to changing purchasing habits. The appetite has also seen large format retailers like Shoppers stop betting big on their beauty segment in the future. Capitalizing on this opportunity, each new Enrich store the company now opens will have both beauty services and a dedicated retail space housing mass, premium and luxury beauty brands. Enrich has opened his first beauty destination store in Powai, Mumbai, and another is expected to open soon in Malad. These stores will see brands such as Maybelline, L’Oréal, NYX, Remy Laure in beauty, but also premium and luxury brands such as Givenchy, Elizabeth Arden, Calvin Klein, Hugo Boss, Ralph Lauren, Versace, Burberry, among others. , including its own brand Born Ethical. Enrich currently has around 100 brands in his fundraiser and plans to add more each year. “We organize the range quite well depending on what is available in the store. These are not the regular offers. You will see a few more premium offers in this range. For example, at Lakme you will see the 9to5 range, and the Absolute, but we don’t keep the others, “Bali adds. A lot of the brands that Enrich brings on board will also be present online as the company is also looking. to expand its omnichannel presence. Currently, the majority of Enrich’s income (around 70%) comes from beauty services, which Bali says will continue to remain his primary focus. However, as the company opens more stores and expands its presence under the new format, the revenue mix could drop to 40-60%, where 60% of revenue comes from beauty retail, while increasing the revenues of the two pies, with about 14 to 19%. from omnichannel. Resetting Enrich’s strategy isn’t just about becoming a retail destination, but also an experiential beauty business, where the company looks to add service elements such as express facials, Free “mini makeovers,” a live lipstick bar that allows customers to get personalized lipsticks, and more. It also comes on the back of Enrich Salons who is recovering from two COVID waves. Just as salons were seeing a recovery from the first wave of COVID in late 2020 and early 2021, the second wave forced them to close yet again. Enrich too, at the end of 2020, would have put a hiatus in his store expansion plans. “We know 2020 has been a weak year for almost everyone in the industry. We’re still evaluating it with 2019, so when we start comparing to that, in September we were at about 90% of 2019. In October, we were close to 108%. compared to 2019 levels and we are seeing better Diwali than in 2019, ”Bali adds. However, this strategy, according to Bali, was not driven by the impact of COVID on the hair salon industry, but was in the works before the pandemic. The addition of beauty retailing would mean the company will now compete with Sephrora, which has around 24 stores and Nykaa, which has more than 70 physical stores nationwide. “One is e-commerce heavy, the other is offline, and we have a mix of brands that are in both. The market is big and there is enough room for everyone to play, ”Bali said, adding that he doesn’t see direct competition in a format like this. However, there are other salon chains such as Juice Salon, YLG Salon, Truefitt & Hill, and Jean-Claude Biguine Salon & Spa, among others, which have also reportedly turned into beauty product retailers in an attempt to compensate for the impact of the pandemic. After opening the second store in the suburbs of Mumbai, by December-January, the company plans to open around six more stores, including five in Mumbai and one in Pune. There are also plans to enter new markets such as Karnataka, Chennai, Delhi, Kolkata, among others, giving Enrich a national presence in 2022. The goal, according to Bali, is to open 8-10 new doors every year. Meanwhile, existing Enrich Lounges will also be upgraded to match the look of the new format. cnbctv18-forexlive-benzinga

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  • When was Enrich Salon founded?

    Enrich Salon was founded in 1997.

  • Where is Enrich Salon's headquarters?

    Enrich Salon's headquarters is located at 301/302 - Kamla Executive Park, Mumbai.

  • What is Enrich Salon's latest funding round?

    Enrich Salon's latest funding round is Acq - Fin.

  • How much did Enrich Salon raise?

    Enrich Salon raised a total of $10M.

  • Who are the investors of Enrich Salon?

    Investors of Enrich Salon include WestBridge Capital and JM Financial Investment Managers.

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