New Delhi, Sept 12 (UNI) Aimed at tapping the Indian cosmetic industry, US-based cosmetics major Mary Kay Inc today said it will invest 20 million dollars in the country over the next five years.
The company today announced its foray into India and launched its new subsidiary Mary Kay Cosmetic Pvt Ltd.
''We will infuse 20 million dollars in India for brand awareness, to set up beauty centres and provide beauty training,'' Mary Kay (Asia Pacific) President K K Chua told reporters here.
Targetting the upper middle class, the company will start its operations in northern India from cities like Delhi, Chandigarh and Ludhiana.
''Cosmetics market is growing at 20 per cent per annum and we are optimistic of a great success in the country,''Mr Chua said.
Subsequently, the company will penetrate to Mumbai by the month-end.
Mary Kay, world's leading direct seller of skin care and colour cosmetics, has operations in over 30 countries and receives maximum sales from countries like China, Mexico and Russia.
Mary Kay, the 2.4 billion dollars company, has Y-o-Y growth of 20 per cent, Mr Chua said.