Calling India’s beauty and personal care (BPC) market crowded would be an understatement — it is a red-ocean battlefield. For decades, the category has been dominated by large FMCG giants, such as Marico and Hindustan Unilever, and global beauty majors like Garnier, L’Oreal, and Maybelline. Structurally, the market is split along clear price lines — domestic FMCG brands focused on value-conscious mass consumers and international brands, which cater to the affluent or aspirational class. This price and positioning gap began to narrow around 2016, when a new wave of D2C beauty brands entered the market, promising global-grade formulations at affordable prices. These startups leveraged digital distribution, influencer-led marketing, and contract manufacturing to scale rapidly. By 2026, however, the D2C narrative has begun to fray. Several beauty brands, including Sugar Cosmetics, Wow Skin Care, and Juicy Chemistry, just to name a few, are grappling with a slowdown in revenues. While Sugar Cosmetics saw its operating revenue slip 21% YoY in FY25 to ₹398 Cr, Juicy Chemistry saw its revenue plummet to INR 19 Cr in FY25 from INR 20 Cr the previous year. WOW Skin Science, which is yet to file its FY25 numbers, saw its revenue decline 9% YOY in… Read MoreInc42 Media
