According to the founder Shankar Prasad, Plum Goodness, a homegrown beauty and personal care (BPC) company, plans to turn a profit in the current fiscal year. By adding new goods to its core markets, discontinuing less successful product lines, and improving its marketing approach. Within the next six months, the Mumbai-based company intends to launch new goods, concentrating on markets like skincare (which includes cleansers, serums, and moisturizers), hair care, and makeup. Prasad said in a conversation with ET in an Interaction.
The business also intends to discontinue other male skincare items, such as face packs, moisturizers, and face cleansers, as part of its redesign of its men’s brand, Phy. Rather, Plum will expand its selection of bath and body goods to include men’s scents and shower gel. According to him, these adjustments should be put into effect by mid-June or early July of this year.
As a cost-cutting strategy, the company also plans to restrict its investments to “Baby Plum,” the infant care-focused division that was introduced last year. In FY23, marketing expenses made up more than 42% of the brand’s overall spending. Plum’s parent company, Pureplay Skin Sciences Ltd., witnessed net losses grow 66% year over year to Rs 52.9 crore in FY23, despite a rise in total sales.
With an annual revenue run rate of Rs 400 crore, Plum hopes to surpass the quarterly revenue run rate of Rs 100 crore this financial year, he continued. Plum ended FY24 with a revenue run rate of Rs 350 crore.
Plum now operates in more than 300 Indian cities and towns, with the majority of its income originating from non-metropolitan areas. The brand operates around 10,000 unsupported locations, such as pharmacies and supermarkets, and over 1,500 assisted locations with certified beauty consultants in addition to 36 special locations.
The company’s internet channels account for 65–70% of its sales, with the largest contributions coming from Amazon, Flipkart, and Nykaa. Plum is a direct-to-consumer company that offers vegan and toxin-free cosmetics. It competes with companies such as Mamaearth, Sugar Cosmetics, and MyGlamm, and serves an approximate user base of 8 to 10 million.
