How RENEE is Using AR to Engage the Consumers

Recently, the beauty and cosmetics industry has come into the limelight in a bigger way. Subsequently, there has been a change in cosmetic consumption and this trend is fueling the growth in the cosmetics sector. 

Due to the major contribution of social media, Indian consumers are constantly being updated about new cosmetic products, translating into the desire to purchase them. Additionally, the influencers across the platforms are fueling growth in the cosmetic industry in India by making people realize the importance of having good looks and appearances. 

“India Cosmetics Market was valued at $13191.23 million in FY2020 and is forecast to grow at double-digit CAGR of 16.39 percent through FY2026 to reach $28985.33 million by FY2026,” as per a report.

The Indian Cosmetic market which is traditionally a stronghold of a few major Indian players like Lakme, and Ponds has seen a lot of foreign entrants to the market within the last decade: the market is very price-sensitive, and the cosmetics and personal care product companies, especially the new entrants have had to work out new innovative strategies to suit Indian preferences and budgets to establish a hold on the market and establish a niche market for them.

In a market dominated by major players, RENEE Cosmetics totally changes the norms and establishes itself in a new normal. According to Aashka Goradia Goble, Co-founder of Renee Cosmetics, “After wearing makeup and experimenting with it for over two decades, I realized that it has a unique power and an astounding ability to transform and empower. RENEE was created to harness this power and change beauty standards with professional finesse. Keeping innovation at our core, we aimed at offering a range of products that are unique, professional, and convenient, while being affordable.”

“We always ensure that we’re relatable to our consumers and put in a lot of research and effort to understand their needs and the inconveniences they face. Gauging our consumers’ needs helps us come up with innovative and unique solutions we’re known for,” she added.

Retail Strategy
RENEE started as a digital-first brand and today it has become one of the fastest-growing makeup brands in India.

“We ensure innovative and inclusive communication for our brand which makes us stand out from others. A holistic marketing strategy has always been our way of operating. Right from the start, we always strive for a healthy balance between our digital and retail marketing strategies. While we are ablaze with digital campaigns, we have gone all guns out in the retail sector by opening 500+ stores across India. We aim to open 1,000 shop-in-shop stores throughout the country and also open store-in-stores at leading places/malls/stores,” she said.

“Right from inception, we have ensured that we follow a comprehensive approach to our marketing strategy. We devise our strategies in a way that aligns seamlessly with our channels such as consumer touchpoints, social media communication, and our advertisements. We pay keen attention to quality consumer experience to establish seamless, transparent, and real-time engagement with our consumers. Hence, all-in-all our key strategy is to have uniform communication across all channels,” she further added.

RENEE is aiming to strike a fine balance of both online and offline revenue i.e. 50:50 ratio by the end of this year.

“We started our offline channel 8 months ago and yet we’re at a ratio of 60:40 between our online and offline channels which are growing at a steady rate. The offline channel is estimated to grow even further in the coming future as makeup is more of an experiential category. We‘re planning to open 1000 stores across India by the end of the year and provide our consumers with a touch and feel makeup experience,” she asserted.

Product Portfolio
RENEE is constantly striving to meet the aspiration of making professional make-up easy, convenient, and affordable along with maintaining umpteen qualities.

“We’ve already set our bar high with ground-breaking products like FAB 5-in-1 Lipsticks, FAB Face 3-in-1 Makeup Stick, Madness pH Stick, and more.  Yes, it's challenging to bring forth cutting-edge products every time and our team aims to bring forth an innovative product every quarter and keep our uniqueness intact. We also have plans to go all guns out by strengthening our portfolio with unique products, and a wide range of colors and also expand our offline presence by expanding into modern trade, opening flagship stores and shop-in and shop out stores all across India to reach our customers and give them a Renee experience.”

Technical Integration
Renee has always been unique in its approach and one of the reasons behind it is using the latest technology to reach and engage with our target consumers. 

"We use AR filters and several other tools that help our consumers to understand and experience our products in a better and easy way. Besides that, a lot of research into competition brands, international brands, and beyond helps us stay adept with trends and helps us constantly evolve with and come up with innovative solutions," she explained

Future Plans
The brand started its operations in September 2020. In less than two years of inception, it is already one of the fastest-growing makeup brands and has grown 10x from where the brand started.

“We have launched some never-seen-before products such as FAB 5-in-1 Lipsticks, FAB Face 3-in-1 Makeup Stick, Madness pH Stick, Dual Chamber Day and Night Serum, and more all aimed to bring together the daily makeup necessities into a concise packaging. Today, RENÉE is one of the bestselling brands across online marketplaces standing true to its core philosophy of being innovative and we are ready to take a leap in overseas markets too. From here, it’s all about constantly re-inventing ways of creating products that make our consumers feel empowered, liberated, and celebrated. All while being unique, affordable, convenient, and professional in every sense,” she asserted.

“We surely have some big plans for RENEE for FY 2022-23. We want to take the brand across all corners of the country and overseas too. By bringing forth unique products that strike a chord with our consumers with premium quality adorned with a professional edge, we aim to grow bigger and better by coming up with more innovative products, adding more colors, and expanding our portfolio with cutting-edge products. We want to extend our foothold in offline channels and go out all guns by opening up 1,000 store-in-stores across India by the end of 2022. With innovation in tow, we aim to bring newness in the world of cosmetics with products that are ground-breaking, affordable, and professional in every sense,” she concluded.

RENEE has raised $11 million after two rounds of funding until now. Talking about funding further she asserted, “The idea is to bring growth with positive EBIDTA. We are utilizing our funds by strengthening our portfolio with product innovation and marketing.”

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