SUMMARY
- Renée Cosmetics’ revenue from operations jumped 97.3% YoY to Rs 191.65 crore in FY24.
- The company’s total expenses rose by 81.6% to Rs 264 crore in FY24.
- The brand’s losses surged by 88.2% to Rs 61.45 crore in FY24.
Beauty brand Renée Cosmetics‘ sales doubled in FY24 though its losses also escalated 88% due to extensive spending on promotions.
Renée Cosmetics’ revenue from operations jumped 97.3% YoY from Rs 97.15 crore in FY23 to Rs 191.65 crore in FY24, as per its consolidated financial reports submitted to the Registrar of Companies.
Established by Aashka Goradia Goble, Beardo’s co-founders Priyank Shah and Ashutosh Valani, Renée Cosmetics offers a variety of beauty products including eye makeup, lip shades, skincare serums, and highlighters. The brand also sells its products through third-party online marketplaces and quick commerce sites, with a presence in over 650 shop-in-shop locations across India by June 2024.
Additionally, the company generated Rs 8.5 crore from interest and profits on its investments, taking its total revenue of Rs 200 crore in FY24.
Advertising and promotional activities were the largest expense category, accounting for 38.8% of the total costs, increasing by 70.6% to Rs 102.51 crore from Rs 60.1 crore in FY23. The cost of materials and employee benefits also rose twofold to Rs 52.44 crore and Rs 31.67 crore, respectively. Employee benefit costs also included expenses for ESOPs, reaching Rs 1.37 crore in the year under review.
The company’s total expenses rose by 81.6% to Rs 264 crore in FY24 from Rs 145.38 crore in FY23. Hence, Renée Cosmetics’ losses surged by 88.2% to Rs 61.45 crore in FY24 from Rs 32.66 crore in the previous fiscal year.
The company’s cash outflows also increased by 17.2% during this period. Its EBITDA margin and ROCE were -28.22% and -42.38%, respectively. On a unit level, Renée Cosmetics spent Rs 1.38 to generate a rupee of operating revenue.
Renée Cosmetics has secured $46 million in funding from investors including Evolvence India, Edelweiss Group, Equanimity Ventures, and 100Unicorns. In latest round, the company raised Rs 100 crore in a Series B funding round in June 2024.
