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ICICI Securities Report
With limited access to salons and beauty parlours during Covid-19, the personal care appliances market has grown at an elevated rate, in our view. It grew at 17% compound annual growth rate over 2018-2020 and is likely to maintain similar growth ahead. We believe easier access to personal care appliances via e-commerce channels, and affordable price points – are key growth drivers.
Havells India Ltd. has a strong product portfolio in:
hair care (dryers, straighteners);
skin care (cleaners, massagers, callus removers, blackhead / whitehead removers); and
electric shavers and trimmers.
We believe Havells has a strong ‘right to win' in the personal care market.
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