Lakme has now been associated with the Fashion Week for a decade. This year it celebrates ten glorious years of association with the fashion event. Ravi Krishnan, MD, IMG (the event mgmt company which organizes LFW) said “The association with Fashion Week has helped Lakme to traverse the entire spectrum from the mass-end to the premium, unlike other cosmetic brands.”
Lakme officials aim to position the brand as a premium cosmetic that would appeal to the higher end. Lakme’s bid for the premium segment got a major push last month when Lakmé Salon launched a first-of-its-kind Lakmé Studio in Delhi which will offer ultra-premium beauty services. Lakme Studio has tied up with Nail Spa that uses the latest nail technology from the US to bring a bouquet of services like nail extensions and nail art.
In order to gain a competitive edge , the brand has also tied up with leading cosmetic house Milan-based Intercos Italia, Germany’s Schwann Stabilo and Paris-based Fiabila to combine international cosmetics technology with its understanding of the Indian woman’s needs.
L’Oreal is the market leader in the premium segment of cosmetics, which is estimated to be a Rs 300 crore market. Other players in the premium segment include Estee lauder, Shisiedo and Lancome. Overall, cosmetics industry is a Rs 2000 crore market.
However, Harish Bijoor of Harish Bijoor Consults, feels different about the strategy. He feels Lakme is still the Air Deccan of the Indian cosmetics industry. Its image of a budget brand for the masses will be difficult to shed. He also added that one-size-fits-all strategy won’t work. Lakme needs to create two distinct brands and formulate separate strategies for the masses and the classes.