Over the past few years, the Piramal Group has shifted its focus on building a consumer pull for its brands and aims to generate a turnover Rs 1,000 crore in three years from its consumer products division. In an exclusive conversation with Storyboard18, Nandini Piramal, executive director of Piramal Enterprises Ltd, shares the company’s plans and ambitions for the CPD (consumer products division) business as it invests in marketing and onboards a host of celebrity brand endorsers.We dive into Piramal’s playbook— growth strategy, global positioning of the pharma company brand and future plans.
You set a target of Rs 1.000 crore turnover from the CPD business in the next three years. What are the key points in the plan to get there and what are the challenges that you foresee?
What are the key consumer and market insights that are informing your strategies in retail, your portfolio, the products and categories that you’re getting into and broadening?
But the idea is that we experiment, try new products, see what works, see when you can get to scale. And then you actually take it to offline retail and get even more scale that way. Because the hard part is getting that first 100 crore of sales and then once you have people that know your brand, know what it’s like, it makes moving online faster possible.
What’s coming up in terms of new products and in your innovation pipeline?
Beauty is an awfully crowded space right now with the emergence of many D2C brands. Is the company a little late to that party?
Tell us more about your organic versus inorganic growth as a strategy?
We have also acquired Hemmo, a company manufacturing peptides, a type of molecule.
Again, these are capabilities that not everyone has, and there are not many peptides development companies in the world. For us, that was a great way of adding capabilities.
As a company, we could look at capabilities that we don’t have and complement us. By integrating them into Piramal, we can offer better solutions to our consumers.
We like buying brands, especially in the OTC space, because it’s a good way for us to take a brand, understand the consumer, put money and investment behind it to actually grow it and to scale it.
After the demerger of the pharma and financial business, how are you positioning the global pharma business and shaping its brand identity?
And how do we actually assess and measure people by those behaviours as well? As we articulate that, our culture is going to be informed by the values and be very closely connected. We are a global company and we are going to be India-headquartered. But we have a lot of global accounts and people and we have to connect and integrate that.
What are some of the sort of pandemic-born insights that have shaped your approach to building brands and growing the company and the business?
We had to learn different skills—from analytics to how to partner with ecommerce portals, advertising, digital advertising or the distribution focus. So we’ve all had to learn different skills.
Can you tell us more about your advertising and media strategy and roping in a host of celebrities as brand endorsers?
This interview first aired on Storyboard18 on CNBC-TV18. Read the full interview on Forbes India and Moneycontrol.
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