The Raymond Group is revising its consumer products strategy in order to enter the new categories in the market. To increase the sales of its deodorants, the company has roped in brand ambassador. Well, JK Helene Curtis (JKHC), the textile company’s FMCG arm has roped in actor-director Farhan Akhtar as the brand ambassador in order to trigger the sales of its Park Avenue deodorants in market valued at Rs 3,500 crores with almost 1,000 deodorant brands.
Regarding this, Ashok Namboodiri, the Business Director of JKHC stated that Farhan Akhtar will appeal to the young consumers of the deodorant brand who are exhausted with similar types of brands.
This is a great opportunity for the firm to leverage the DNA of its brand that has a strong legacy in the category of make grooming. The deodorant brand Park Avenue is the second largest one in the Indian market with a market share of 7 percent.
As per an industry executive who does not want to be identified, the 51 year old personal care firm is planning to form an advisory board as it is aiming to witness a higher growth in the deodorant market. The company is also in plans to enter the newer market segments of hair and skin care.
Sanjay Behl, the CEO of the Raymond Group and Ravi Venkatesan, the ex-Microsoft CEO will be included in the advisory board. The consumer products contribute to about 10 percent or Rs 450 crore of the overall business of Raymond with a consolidated revenue of Rs 5,400 crore. The most recent move is a part of a large strategy of Raymond that is called JKHC 2.0 internally. This is aimed to restructure the consumer business of Raymond from the product portfolio to the distribution of the same.
As per Alpana Parida, the President at DY Works, a brand consultancy firm, Park Avenue was getting dated and it lacked rejuvenation. The celebrity endorser Farhan Akhtar will stand for substance and integrity. He has an instant auro that is lacked by many other brand ambassadors who are losing their salience by endorsing the maximum number of brands that they can.