New Delhi, India (PressExposure) November 13, 2009 -- Swedish cosmetics group Oriflame is planning to expand its business in India by tripling the size of its business over the next four to five years. Globally, the company clocks a turnover of â¬1.3 billion, out of which 7 per cent comes from Asia. âIndia is one of the most important markets for us in Asia and we see a huge growth potential here,â Fredrik Widell, managing director of Oriflame India, told Financial Chronicle. The company is also going to increase its product catalogue by adding nearly 150 new products this year. Oriflame will also be discontinuing about 200 of its products due to inadequate consumer response, Widell said. At present, the company has 650 products in its India portfolio.
Oriflame is also looking to increase its manufacturing capacity at its Noida plant by 10-15 per cent. About 20 per cent of the products sold in India are manufactured in this plant. âThe increase in capacity will be to cater to the increased domestic demand. We want to focus on growing the business here more than the exports,â Widell added. The company wants to grow organically in India and does not plan to go get into acquisitions or tie-ups with a domestic player. Oriflame registered a growth of 20 per cent globally in the first quarter and has been growing at the rate of 40 per cent in India for the past four years.
For more details: [http://idsa.co.in/MediaRoom.html] idsa MediaRoom [http://idsa.co.in/MediaRoom.html]