Minimalist records a 70% increase in revenue to Rs 184 crore in FY23; profit falls by 69%

Indian D2C skincare brand Minimalist has reported a significant revenue increase. In FY23, the company's revenue surged by 70.3% to Rs 184 crore, up from Rs 108 crore in FY22.

However, this growth came with a decrease in profit, which fell by 68% to Rs 5 crore in FY23.

The Jaipur-based startup, co-founded by Mohit and Rahul Yadav, plans to invest Rs 100 crore in a new manufacturing unit in Jaipur.

According to the startup, the facility is expected to be five times larger than the current plant, which produces 1.5 lakh units daily.

Additionally, It aims to open its first Exclusive Brand Outlet (EBO) by March 2024 and launch around 100 EBOs in the next 18-24 months.

Currently, 90% of Minimalist's revenue comes from online channels, with the remainder from offline sources. The brand has a significant international presence, including in the US, the UK, the Middle East, and Southeast Asia, with plans to expand further into Canada and Europe.

Minimalist offers a range of skin and hair care products, including serums, toners, and moisturizers. The brand currently offers 40 SKUs across three categories and plans to introduce 6-8 new SKUs and mini versions of popular products.

In the competitive D2C skincare market, Minimalist faces rivals like Sugar, Wow Skin Sciences, and Mamaearth.