Hair Drama eyes 2-fold annual growth for next 5 yrs
Start-up hair fashion firm Hair Drama is looking at 100 per cent year-on-year growth rate for the next five years on account of increase in sales and reduction in cost of technology, the company's founder said.
"In the next 5 years, we plan to grow in both sale of hair accessories and hair fashion services. We estimate to grow by 100 per cent year-on-year because we are tapping in Indian young population, working on international collaborations and cost of technology is reducing every year," Hair Drama Company Founder Priyanka Sanghi said.
Hair Drama has deployed 3D printers to make customised hair fashion accessories which it sells through online portals. Besides, the company has plans to open store in select metros and top cities next year.
"At our stores, which is initially for women, any one can come and get hair styling done in 10-15 minutes and customise own accessories. We print that accessory with 3D printers and deliver it to customer. Global Hair care market is estimated to be around USD 95 billion and India market is estimated to be around USD 20 billion. There is a huge growth opportunity in this segment," Sanghi said.
She said that on one side there is huge untapped market, demand is growing and on the other side cost of 3D printer and materials used in it is reducing by almost half every year.
"The reduction in production cost, market reach and increase in sales volume will give us growth. We are exploring opportunity to collaborate with foreign partners to scale up business both in India and overseas market," Sanghi said.
The company expects 60 per cent of its revenue to come from hair fashion services and 40 per cent from sale of hair accessories and hair products.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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