RAS Luxury Skincare, the first Indian brand to focus on local natural ingredients, has just raised $5 million from Unilever Ventures, affirming its ambitions in a sector where international brands still dominate.
Who will be the first player in India's burgeoning top-of-the-range beauty market? The battle is fierce, and one major financial operation after another is vying for the top spot. RAS Luxury Skincare has just announced that it has raised $5 million (€4.8 million) with the backing of Unilever Ventures, the investment arm of Anglo-Dutch giant Unilever.
Shubhika Jain, founding CEO of Ras Luxury Skincare, said, ' With this funding, we aim to accelerate our ambition to become India's leading luxury skincare brand while progressing towards a global presence. We remain committed to building a sustainable, high-quality business anchored by strong fundamentals, profitability, and innovation.’
RAS Beauty is India's first skincare brand built on the slogan ‘from farm to face’. RAS (which means ‘essence’ or ‘happiness’ in Sanskrit) aims to transform India's beauty and skincare industry through the use of high-quality natural ingredients and scientific formulas devised at the company's research and farm facilities based in Raipur, Chhattisgarh.
Pawan Chaturvedi, director of Unilever Ventures Asia, added: ‘We believe that over the next five to seven years, the premium beauty market in India will grow significantly, and RAS, with its distinct value proposition, is well placed to capture this opportunity.’ The company relies on 3,000 farms that supply high-quality raw materials to source its products. Certain products, such as the 24k Gold Radiance face elixir, gel serums, and lip balms, have gained a cult following among influencers and celebrities.
Luxury beauty in India is currently a billion-dollar market, expected to reach $1.6 billion by 2028 and $4 billion by 2035, with an annual growth rate of 14%. This makes it one of the fastest-growing markets in Asia and the rest of the world. In the Indian subcontinent, the luxury beauty landscape is made up of around 90% international brands and only 10% local brands. This situation contrasts sharply with more developed luxury beauty markets such as Japan and South Korea, where local luxury brands tend to represent around 40% of the market.
Unlike many other Asian and Western markets, luxury beauty in India is still in its infancy, with a share of only around 4% of the overall cosmetics and skincare market. This leaves enormous scope for growth, attracting the covetousness of investors. However, this market share remains well below that of other Asian countries: Thailand, Vietnam, and Malaysia are in the 20-25% range.
According to Mordor Intelligence data, L'Oréal SA, Natura & Co, The Estée Lauder Companies Inc, Unilever PLC, and Vellvette Lifestyle Private Limited (Sugar Cosmetics) are among the leading players in the Indian cosmetics market today.
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