Samir Kumaar Modi, scion of the Modi Enterprises family headed by the late KK Modi, started cosmetics brand Colorbar in 2004 with an aim to provide quality beauty products at an affordable price point. He has come a long way since then, building the brand and aiming to notch up Rs 800 crore worth business for Colorbar in 2022, even as he drives the Group’s other arms, viz., Modicare, 24 Seven and the Modicare Foundation alongside. After taking Colorbar to Sri Lanka, Maldives, Malaysia, Bangladesh, Canada and the UK, Modi plans to expand it to Europe and the Middle East. Meanwhile, enhanced spends on marketing communications have already begun to support an imminent IPO in a couple of years.
Here are excerpts from a conversation with Samir Modi:
Please take us through the journey of Brand Colorbar since you launched it in 2004. What would you call the highlights of the journey?
The cosmetics industry is a diverse market and the recent years have seen a beauty revolution in the nation. I launched Colorbar in 2004 to address the gap for quality products at competitive prices in India. The inspiration to venture into this industry with a home-grown Indian brand was to establish a brand that encourages everyone to fall in love with themselves and discover their inner magic to celebrate who they really are. Today, Colorbar is one of the country's most successful cosmetic brands, at par with its global competitors, and has always been at the forefront of innovation, promising to deliver world-class cruelty-free beauty products. Today, we are at 1,300 stores, and we plan to be in 2,000 stores in the next six months.
How did you come up with the Colorbar philosophy of ‘Made for Magic’ and ‘Be Who You Want to Be’? Tell us more about the idea of catering to a gender-neutral beauty industry?
Leading cosmetics brands in the country are now rewriting the concept of beauty through self-expression, representation, diversity and inclusivity. We, at Colorbar, strongly believe that everyone has the birth right to express themselves in their unique way, irrespective of their gender and social construct. Colorbar was launched in line with this vision, and to further raise the clarion call for reviving and owning the magic within people.
What are the USPs or defining factors that make Colorbar hold its own in a highly competitive market dominated by home-grown as well as international beauty brands?
Colorbar has been redefining the beauty space in India with products and services that stand out and never fail to wow. As a conscious brand, Colorbar is a proud purveyor of inclusive beauty, therefore all Colorbar’s products come with a ‘clean beauty’ promise - making all products 100% cruelty-free, ophthalmologically and dermatologically tested.
We are also the only cosmetics brand to break two Guinness World Records in a single year and were recently rated as one of the top 10 most-loved brands in India, according to a recent report by Talkwalker and Hootsuite.
You recently launched the #ColorbarXShringaar campaign. What is fundamental to Colorbar's marketing and social media strategy?
We launched Colorbar’s campaign #ColorbarXShringaar in partnership with Sony Music Entertainment on July 10, 2022. This Instagram campaign had famous TV celebrities and influencers like Anushka Sen, Avneet Kaur, Nagma Mirajkar, Sameeksha Sud and Arishfa Khan, wearing Colorbar’s newly launched Power Kiss Vegan Matte Lipcolor while dancing to the tunes of Akasa and Aastha Gill’s latest track, Shringaar.
As a brand, we believe that everybody is free to create their own identity, experiment, and have fun with make-up irrespective of gender and societal perceptions and conventions. To bring this idea alive, we explored a fun route that could reach our consumers across the country while bolstering the philosophy of our brand. We have specifically reached out to influencers with a fun streak who nudge audiences to embrace their identity. The campaign has resonated well with audiences, besides enhancing their connection with the brand. With 11 million+ views, this campaign is a vital step as we progress in our journey from fostering brand loyalty to brand love.
According to you, what trends will drive the cosmetics and skincare industry, going forward? How are consumer demands changing?
After a prolonged pandemic, there is a renewed upsurge in consumer demand. People are keen to go on shopping sprees and buy products that pique their interest. The cosmetics and skincare industry is majorly driven by personalisation. Consumers these days are keen to own their products, right from formulation, fragrance and shade to the packaging. To cater to this demand, Colorbar offers a unique range of bespoke services available across select stores for all walk-in customers. This allows them to get personalised engravings on make-up tools and create customised lipsticks of their liking. Other than this, there has been a growing demand for vegan and sustainably manufactured products. Consumers are becoming increasingly conscious of the products they use, and their impact on the environment. There is a noticeable inclination towards products that are cruelty-free, vegan and manufactured in harmony with nature. Colorbar’s product portfolio is 100% cruelty-free and derma-tested, along with most products being vegan. With a vision to contribute to this clean beauty initiative, Colorbar’s patented vegan nail lacquer has eco-friendly packaging and is environmentally friendly. The bottles are made using a unique combination of glass, fastened with 50% wooden-built caps to reduce the consumption of plastic.
What are the challenges before the cosmetics industry as a whole?
The industry is witnessing overcrowding and proliferation of beauty products. There is an urgent need to educate consumers about the differences between products, how they work and what makes each product more effective than the rest. The onus is on brands to communicate their messages transparently and authentically to be easily understood by consumers all over the world. Secondly, while buying products catering to different skin types, it is equally important for consumers to factor in the quality of the manufactured beauty and skincare products. Many consumers might be inclined to make purchases owing to bulk discounts. However, it is essential to use quality beauty products to maintain your skin health.
What next? Tell us about new launches in the pipeline, including the sub-brand, Co-earth, as well as Colorbar’s expansion/consumer acquisition plans in future.
At Colorbar, we are gearing up for an exciting season ahead and have planned interesting product launches for our customers. Given that we thrive on innovation-led product research, we look for the best products in the world to launch within our repertoire of products. Soon, we plan to launch an exclusive range of premium serums, an array of hair colours, and nutritional supplements like gummies. The gummies aid in controlling hair fall, stimulating hair growth, increasing skin moisture, reducing signs of ageing and boosting collagen levels in the skin. In addition, we are extending our product range to personal care by launching ‘Co-earth’, a one-stop shop for all your beauty and personal care needs. Co-Earth comes with a ‘clean beauty’ promise; the range has 67 products for hair, skin and body curated from 100% natural, plant-based ingredients. Besides the upcoming launches, our recently launched products are receiving a rousing response; the popular new products include Power Kiss Vegan Matte Lipstick, Sexy Twosome Highlighter, Browful Sculpt Pencil, Vita Hemp range, India’s first re-fillable conscious lipstick, amongst others.
Put something of yourself into what you create, says Samir Modi of Colorbar |
As for brand expansion plans, Colorbar is currently present in 200 cities in India with 1,300+ general trade and modern trade counters and 100+ exclusive stores across India. The brand has 100+ COCO outlets covering 40 cities along with 480+ stores in Shoppers Stop, Lifestyle and NewU.
Being the third largest cosmetics brand in India, the idea is to penetrate more markets by expanding the brand’s reach. In line with this expansion plan, we have recently launched two new stores in Delhi and Gurgaon with plans to start 20 new outlets this financial year, of which five will be based in northern India. Also, we plan to allocate 7-8% of revenue towards augmenting our foothold in India for bolstering growth as we expand.
I believe you are fondly referred to as ‘Mr Mom’ for all the expert advice that you dole out on make-up and skincare. Tell us more about Samir Modi, the person - your passions and beliefs, and one motto that guides your life and work?
For a business that runs at the core of make-up and cosmetics, it is essential to know about the upcoming fads and make-up trends. Hence, I enjoy conversations around make-up, skincare and beauty. In fact, I prefer trying out my cosmetics range before rolling it out to our beloved consumers. I am an ardent believer in the philosophy of Meraki that represents doing something with soul, creativity and love and to put something of yourself into what you create. Ever since I started my journey, I’ve put in my sincere efforts to employ and propagate this philosophy in all aspects of my life, be it personal or professional.
I have an undeniable love for cooking. On a casual weekend, you can find me brushing up my cooking skills by trying a variety of dishes and cooking for my friends. Besides this, I have always been a proud purveyor of art, which I believe to be a great form of self-expression.
