SUMMARY
- Body Cupid Private Limited managed to reduce its net loss by 40% to Rs 130.2 crore in FY24.
- The company saw a 10% drop in its revenue from operations to Rs 233.5 crore in FY24.
- The company was able to lower its total expenses by 22% for FY24 to Rs 377 crore.
D2C skincare brand WOW Skin Science‘s parent company Body Cupid Private Limited managed to reduce its net loss by 40% to Rs 130.2 crore in FY24 from Rs 258.1 crore in FY23 despite experiencing a decline in its overall sales.
The company saw a 10% drop in its revenue from operations to Rs 233.5 crore during the year under review from Rs 258.1 crore in FY23, according to its annual financial statement from Tofler.
However, the company was able to lower its total expenses by 22% for FY24 to Rs 377 crore from Rs 486 crore in FY23.
Following its success in reducing losses in FY24, WOW Skin is now aiming to achieve “near break-even” in Q4 FY25 and to become profitable by 2025, as stated by its cofounder Manish Chowdhary.
“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,” Chowdhary was quoted as saying.
Established in 2014 by Karan Chowdhary and Manish Chowdhary, WOW Skin Science offers a variety of beauty and personal care products across categories including skin, hair, bath and body, and nutrition.
The brand sells its products in over 200 cities across India and has expanded its presence in 22 countries, focusing on the US and South Asia as key markets. In 2022, it also entered the UAE market and in 2023, Saudi Arabia.
Earlier this year, it was reported that WOW Skin was in discussions with investors to secure funding between $65 million and $75 million at a valuation of $400 million.
Recently, the company ventured into the cosmetics industry with the launch of its Color Cupid line.
Competing against well-known brands such as Plum, Mamaearth, Juicy Chemistry, Organic Harvest, mCaffeine, Beardo, and Bombay Shaving Co., WOW Skin Science is a key player in the Indian beauty and personal care sector.
The Indian market for beauty and personal care products is estimated to grow to $28 Billion by 2030, driven by consumers’ willingness to pay more for products that meet their specific needs and their shift towards masstige and prestige brands.
