MedPlus Healthcare Services, a city-based pharma retail chain, entered into beauty and personal care segment through its online beauty store MedplusBeauty.com. The store will have a catalog of over 1, 2000 brands of Indian and international brands, the company said. The portal allows the consumer to upload picture for a comparison and try out various looks before purchasing the product, said Madhukar Gangadi, founder and CEO of MedPlus.
The domestic cosmetic and personal care market is pegged at Rs 5,000 crore, of which skin care alone accounts for Rs 2,800 crore, Gangadi said. “E-commerce potential in India is around USD 10 billion and is estimated to reach USD 100 billion in the next six years at a CAGR of 47 per cent. The growth will be driven by Tier-II cities and increasing affluence in urban population,” Gangadi added. MedPlus, which currently has over 1,000 pharma retail stores, most of them across Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra and West Bengal, is embarking on an expansion plan which would see rolling out of 200-300 stores a year. “We have already opened 200 stores so far this year, including 34 in New Delhi, each entailing an investment of Rs 10-15 lakh. We will end up entering Mumbai next year,” he said.