Online and offline distribution firm Staunch has announced foraying in Smart Accessories and Personal Grooming Category to tap into the young population and is eyeing 5 percent market share in the next 2 years. The brand plans to launch its array of innovative products in each of the categories, ranging from Rs. 99 to Rs. 4999.
Personal grooming products market in India is estimated at Rs 1,500 crore and growing at the rate of 25-30 percent per annum. Also, the Smart accessories market has huge potential keeping in view the growth of connected devices in India. By the year 2025, 1.9 bn devices are expected to be connected in India alone. The current unorganized market in both the segment, bestow a lot of opportunities for players to provide smart products and solutions at the right price to customers. The product range will be available on the leading eCommerce platform – Flipkart from June 2020 onwards.
Commenting on the same, Mr. Kartik Agarwal, CEO, Staunch stated, “Personal grooming and Smart Accessories categories are the fastest-growing segments driven by our young population and cost-sensitive audiences. We have contributed to the substantial growth of global as well as Indian brands for their most effective retail and distribution strategies. Now, we aim at creating a new mark in the industry by leveraging these fastest propelling segments. We would not just sell generic accessories but will bring a plethora of innovative products by the end of this year.”