At the 7th Wellness & Salon Congress 2018, we got in touch with Apoorva Shah, Founder, Richfeel, where he shares his vision of scaling the Beauty Industry, and also gave an insight on the Franchising Business.
The Wellness & Beauty industry is estimated to achieve about Rs 1.5 trillion by FY20, according to a recent report by FICCI and EY. According to the FICCI-PwC Report, franchising has been a common route to achieve rapid growth in the sector. Venture capital and PE funding into the wellness sector have increased over the last few years.
Richfeel, started in 1986 by Apoorva Shah and Sonal Shah, both trichologists, has 75 clinics in 25 Indian cities. The company reported revenue of Rs.115 crore in the year 2016.
“Our first brush with trichology was in 1981 as medical students studying at the Bombay Homoeopathic Medical College. This science wasn’t so well-known in India at the time. We were India’s first trichologists to be certified by the International Association of Trichologists (IAT), Australia, which is the world’s governing body in hair and scalp care. Given that there are only 400 trichologists in the world today, it’s a rare honour”, said Mr. Apoorva Shah, Founder, Richfeel.
With one product in his kitty, a hair tonic that we had developed in med school in 1982, he started selling it as Dr Shah’s hair revitaliser and it proved to be a hit. Then, in 1991, he took his first step to entrepreneurship by renting a factory at Sion, Mumbai and bought a beauty parlour in a residential building at Santa Cruz. That’s how Richfeel was born.
Talking to Apoorva Shah, Founder, Richfeel, at the Wellness & Salon Congress 2018, where he shared what beauty holds in the future business.
The Franchising Way
The market scenario according to Apoorva Shah is getting tough. He said,” We will become tougher and we require a body like Franchise India to help us grow in the business.”
Talking of Franchising, Apoorva Shah said,” Franchising in the business helps you to grow. But you have to keep n mind the guidelines very clear. Otherwise, it will become a policing job. It is very important that a franchisor and a franchisee relationship are established correctly.”
Being at the Top
With the rise in competition in the market, Shah states,” The unique techniques or strategies through which one brand can make the presence felt in the business is by being different. The difference between ordinary and extraordinary is that extra factor which needs to be imbibed in the brand presence to stand out in the crowd.”
The Beauty Triangle
“With new approaching trend, it has become a drift to look good and feel better. And feeling better brings out the performer in you”, said Shah. Interestingly, men taking out so much time and making themselves look better has definitely become a trend in today’s time.
Keep on galloping forward.
Beauty, they say is divine. Beauty they say is forever. But surely beauty is the only toxicant in the world which not only intoxicates the holder but also the beholder. So, this beauty business can never die down.