The global men’s beauty market continues to grow and is expected to reach $ 81.2 billion by 2024.
Foreign media news , the Indian startup company LetsShave has recently received a new financing, the amount of which has not been disclosed. The lead investor is Wipro Consumer Care. The last round of investors was a South Korean shaver manufacturer. Dorco is also added Investment, the share increased to 15%. It is reported that this round of financing funds will be used to expand its shaving and personal care product portfolio. At the same time LetsShave will use Wipro’s contact extension line Under the market.
LetsShave was founded by Sidharth Oberoi in 2015. Headquartered in India Chandigarh, it is a platform focused on men’s beauty products. LetsShave uses a subscription model to provide shaving products. Consumers can buy a complete shaving kit with a shaver online, and the platform will deliver the product at their doorstep. In addition, Through SMS and email, consumers will receive a reminder to replace the blade every month. They can also choose to send it regularly by LetsShave within the next few months The blade is replaced at the door.
LetsShave now has over 500,000 users,And The repurchase rate is over 40%, 90% of the repurchase users are from LetsShave’s own platform, and the remaining 10% are from other channels.
Compared with a wide range of female beauty and care products, male beauty items are limited, but In the past few years, hair wax, beard wax, beard essence, etc. Men ’s grooming products More and more popular with users. 2018 The global male beauty market size was US $ 60.6 billion, and it will grow at a 5% growth rate in the next few years, and is expected to reach US $ 81.2 billion by 2024.
The hugely populated Indian market also shows great potential. A report by the Associative Chamber of Commerce and Industry of India (ASSOCHAM) in 2018 shows that the men’s beauty market in India has maintained a CAGR of about 45%.
For the one billion US dollars acquired by Unilever U.S. razor subscription e-commerce Dollar shave club, there are companies in China that do razor subscriptions, but China shaves The popularity of the beard culture is far less than that of the United States, so there is no big platform for razor subscriptions.
LetsShave started with a men’s shaving subscription, and gradually expanded its business into the female beauty market. Now it offers more than 20 beauty products for men and women, including razor sets , Blades, shaving foam, scrubs, brushes, and razors with trimmers.
LetsShave Chief Marketing Officer Asawari Pawar said that the women’s market is growing much faster than the team initially imagined, so LetsShave plans to expand a series of women’s product portfolio to continue to drive the company’s business. In 2020, LetsShave expects revenue to triple.