Oriflame to raise investments in India

New Delhi, Dec 24 (UNI) Swedish cosmetic company Oriflame India, with a product portfolio of 550 products in skincare, toiletries and fragrances, has said it will line up more products and increase investments in India.

The company, which has completed 11 years of operation in the country this year, claims to have invested 20 million dollars in the Rs 16,500-crore-beauty care market in India so far and is contemplating to get into other segments like oral care and wellness products.

''India is among our top three priority markets besides China and Mexico. We plan to increase investments and launch more products in the country every year,'' Oriflame India Managing Director Tomas Eriksson told UNI here.

The company claims to launch at least 120 products in the entry level and premium segment this year and has recently launched the 'Optimals' range from its kitty of natural products.

Oriflame India has set a sales target of 900 million euros across the world but wants to cross the one billion euros mark in global sales next year.

''We expect to close this calendar year with sales of 900 million euros (Rs 5,300 crore) across the world, of which six per cent (Rs 318 crore) will be comprised by Asia. But our aim is to cross the one billion euros mark in sales in 2007,'' he said.

He declined to give the share contributed by India alone.

Oriflame India has a manufacturing unit in Noida, Uttar Pradesh, which counts for 30 per cent of what the company produces worldwide, Mr Eriksson added.

The company has more than 2.5 lakh independent sales consultants in Asia of which India and Thailand have a majority 80 per cent share.

UNI PV SRS HS1219