Perfume brand Riya aims to capture 20% market share by 2025

Local perfumer Riya aims to capture a 20% market share in the growing fragrance industry by 2025. The company, which has completed its 25-year journey, currently holds a market share of approximately 11%.

The fragrance business in India was Rs 790 crore excluding e-commerce revenue, according to the Nielson IQ Retail audit report, January-December 2021 and the sector is expected to reach Rs 1,200 crore (including e-commerce) from here 2025.

With a current turnover of Rs 80 crore, the 25-year-old perfume brand aspires to be a Rs 240 crore business by 2025.

Founded in 1997 by NK Daga and LK Soni, Riya’s journey to become one of India’s leading fragrance brands has been unique. Overcoming a disaster that nearly shut down their business, the founders reinvented Riya as a fragrance brand. Now, second-generation entrepreneur Aditya Vikram Daga wants to take the brand to new heights with his recently founded company Purpos Planet.

“Riya has smartly positioned itself on value with powerful Indian concepts and ancient factory knowledge to appeal to the sensory sensitivities of Tier I, II and III markets in addition to metropolitan cities,” said Aditya Vikram Daga , Founder and CEO.

With products made by global brands that command a high price and are usually out of reach for the masses, Riya offers an alternative option for customers on a budget.

“We are focusing on this alternative space to global brands to expand the market,” Daga said. In 2020, a brand called Purpos Planet was created following a restructuring exercise to diversify and grow Riya’s business prospects.

With growth plans in mind, the brand is expanding by expanding its offline presence into new consumer segments in addition to debuting on various e-commerce and social media platforms.

“We will aggressively expand our distribution in existing markets and foray into new territories. In addition to aggressively growing fragrances to solidify our market leadership, we are also focusing on diversification into beauty product categories, care and personal care that will be announced in the near future,” Daga added.

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