What Makes Samir Kumaar Modi a Serial Retailer

Modicare is one of India’s leading Direct Selling Companies and can be considered one of the pioneers of the Direct Selling industry in India. The company has been ranked 5th among India’s 75 Great Mid-size Workplaces 2022 by Great Place to Work Institute for a third consecutive year also recognizing Modicare as one of the top companies among the 100 Best Small and Medium Workplaces in Asia for two consecutive years, 2021 and 2022, and among India’s Best Workplaces for Women for three consecutive years, 2020, 2021 and 2022. Furthermore, Modicare has also been identified among the Best Workplaces in the FMCG industry for two consecutive years, 2020 and 2021.
 
The company offers over 365+ products, and 750+ SKUs across 14 categories - Personal Care, Wellness, Consumer Durables, Skin Care, Colour Cosmetics, Food & Beverage, Homecare, Auto Care, Laundry Care, Technology, Jewellery, Watches, Divine, and Agriculture. 

In an exclusive interaction with The Indian Retailer, Samir Kumaar Modi, Managing Director, Modi Enterprises gives an insight into the journey of the company, and the brands and showcases what makes him a Serial Retailer. 

The Inception

Colorbar was incepted in the year 2004, in an attempt to offer premium cosmetics to its target consumers. 

“At that time, my goal was to bring forth a brand that offers international products at accessible price points. We started working on our products with a goal to offer the best product in the world,” said Modi.

With the brand’s tagline ‘Made for Magic’, Colorbar offers products that help create the said effect. Today the brand has acquired the third position in India among cosmetic brands and has two Guinness World Records. Moreover, it is a 100 percent vegan and cruelty-free brand.

Colorbar's Co-Earth

Colorbar recently launched its sub-brand Co-Earth, a one-of-a-kind personal care brand born for our planet. Co-Earth products combine the knowledge of modern science, Ayurveda, aromatherapy, and traditional skincare rituals. Each product is formulated using state-of-the-art and ethical manufacturing practices and is Paraben free, Sulphate free, Silicone free, Mineral Oil free, and Formaldehyde free.

Moreover, every Co-Earth product purchase contributes to animal welfare through associations with Wildlife SOS and Wildlife Trust of India.

“With Colorbar’s strong footing, we as a brand are growing about 40-45 percent year on year, but we are also a brand that believes in giving back to the planet. We recently launched an innovative beauty advisor/makeup artist program to empower our workforce,” stated Modi.  

Retail Footprint

Colorbar is currently available up to Tier III towns, having around 120+ stores of its own, with approximately 1800+ shop-in shops and modern trade outlets, and with XOXO and Co-Earth the brand has over 3000+ retail touchpoints. 
Moreover, in terms of International presence, Colorbar is present in Sri Lanka, Bangladesh, Turkey, the UK, and Canada.   

With 24SEVEN, the company has witnessed immense growth, from opening its first store in Lajpat Nagar, New Delhi, it has over 130+ stores spread across Delhi/NCR, Chandigarh, Punjab, Haryana, and Hyderabad. Thus, 24SEVEN is available in numerous models depending on the needs of the customers be it a Kiosk, Large Format Small Store Format, etc. 

“Our goal is that 24SEVEN should be within everyone's reach, we aim to have an outlet every 100 feet,” commented Modi. 

In its 26 years of operations, Modicare today has over 53 lakh+ consultants with over 14,000 distributor points. Furthermore, its services close to 18,000 pin codes. 

Technology and Colorbar

Undertaking technology, Colorbar is steadily investing to further its offerings, already having a virtual lipstick try-on service in place. 

Modi added, “We are not only doing that, but we are also investing, tying up with another company for virtual makeovers and magic mirrors. Therefore, we are targeting to develop expertise in creating virtual retail experiences for the convenience of the consumers.”

Currently, Colorbar is also dabbling in the Social Commerce segment, however the same is in its nascent stage currently. 

Future Plans

Modicare aims to become a worldwide brand, intending to be amongst the top direct-selling global brands in the world. While, for 24SEVEN, it aims to have at least 5000 stores across India, and venture out to Asia Pacific, acquiring brands in the said region. For its cosmetics and personal care company, it aims to be one of the top three brands in the world.

Since 1996, Modicare has come a long way present in 14 categories with around 750+ SKUs across Personal Care, Wellness, Consumer Durables, Skin Care, Cosmetics, Food & Beverage, Homecare, Auto Care, Laundry Care, Technology, Jewellery, Watches, Divine, and Agriculture.