Now HUL is seeing its fortunes flag as an increasingly sophisticated consumer class with disposable incomes demands more. Unilever's India unit is battling a slowing rate of growth in revenue and profits while its share price is lagging.
Elite classes are becoming pickier consumers, fueling the success of organic personal-care brands backed by slick social media marketing campaigns. The rise of companies like local upstart Honasa Consumer and the inroads made by global names, including Estee Lauder Companies and Clinique Laboratories, is forcing HUL to spend more on product development and advertising.
The challenges mirror those of other consumer-goods giants, such as Procter & Gamble, L'Oreal and its London-based parent, which in recent years have had to acquire the niche brands taking market share from their in-house businesses.
'Challenger brands'
"Simply put, the large companies like HUL are slow to move and develop strategies compared to the newer brands that are far more agile," said Arvind Singhal, chairman of consulting firm Technopak Advisors.
"The power of large brands is decreasing by the day because there are challenger brands coming up at every price point. They offer better margins to retailers and the local shopkeeperis happy to try them out." HUL declined to comment because it is in an earnings quiet period, a spokesperson said.
The country's personal-care sector is estimated to become a $33 billion market by 2027 from $20 billion in 2022, according to Redseer Management Consulting.
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