The Kraft Master SkinKraft plans to explore offline expansion and enter the international market soon
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SkinKraft Laboratories was born out of two realities. Firstly, consumers are caught in an unrewarding cycle of experimentation in trying to find even the basic skin and hair care products. In many cases, this trial and error process ends up damaging their skin and hair. They are just trying to find the product that "suits my skin", "suits my hair". Secondly, every person's skin/hair is unique biologically. Even people in the same family living in the same house have differing skin and hair characteristics. The industry's solution, however, driven by mass production, was generic. The same formula is used for different people, which is what led to the problem of constant experimentation by the consumer to find the right fit.
Conceptualized in 2017, SkinKraft Laboratories came out as a solution to this problem. By taking a dermatological approach and using extensive data-driven analysis SkinKraft classifies people into thousands of profiles and recommends the right ingredients and formulations for them. "All our products are backed by over 10,000 hours of intensive research and collaboration with Indian, Taiwanese, and Japanese dermato-cosmetologists, pharmacists, and pharmaceutical engineers," claims Chaitanya Nallan, Co-Founder & CEO, SkinKraft Laboratories.
"At SkinKraft we believe that one in three women will move towards customized products by 2025. This is because of the confluence of three significant trends: mass internet adoption enabling feedback loops and user input, AI-enabled understanding of ingredient effectiveness, and modern manufacturing technologies. These will cause a significant shift in the next 5 to 10 years," adds Nallan. The company drives its sales primarily from metro cities and big markets such as Maharashtra, Delhi, Karnataka, Hyderabad, Telangana, and Tamil Nadu. Additionally, it has gained popularity in the North-East part of the country. The brand is also available on marketplaces like Amazon, Tata Cliq, Flipkart and Myntra.
With revenue of Rs 155 crore, SkinKraft is looking forward to doubling the revenue this year. "Our current energies are focused on distribution. We are working round the clock to ensure presence on all key platforms. We are also building key product portfolio expansion to cater to demands on such platforms," shares Nallan.
SkinKraft plans to explore offline expansion and enter the international market soon. "The brand is also gearing up in this space of AI and data science-driven skin, hair, body care and body sculpting with both topical and nutra-cosmetics in multiple countries," concludes Nallan.
FACTSHEET
- Total SKUs: 92
- Team size: 300+
- Repeat customer ratio: 30%
- Turnover for FY 2021-22: INR 155 CR
- Split between offline and online sales: only online currently, 80% comes from D2C and 20% from platforms
