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The Industry Interface Office (IIO) at IIM Indore organized an Industry Conclave centered around the theme “Entrepreneurship and Intrapreneurship in the Beauty and Wellness Industry” on November 18, 2023. This forum gathered eminent speakers, each offering a unique perspective on navigating the dynamic landscape of this burgeoning sector. The event featured industry stalwarts namely, Mr. Sunil Gadgil, Global Marketing Director and Acting Head of Beiersdorf (NIVEA Skin Care, India), Dr. Chytra V Anand, Founder & CEO of Kosmoderma Clinics, Mr. Mayank Arya, Co-Founder of YES MADAM, and Mr. Ashish Jain, CEO & Director of Von Wellx Germany Group (Iatric Industries Pvt Ltd). Additionally, Prof. Saumya Ranjan Dash, Dean – Research, Prof. Shubhabrata Basu, Chair – IIO and Col. Dr. Gururaj Gopinath Pamidi (Veteran), COA, were also present.
Prof. Saumya Ranjan Dash, Dean – Research at IIM Indore, kickstarted the event by underscoring the significance of industry dialogues post-pandemic. He highlighted the robust growth of the beauty and cosmetics sector, accentuating its role in bolstering the economy and generating diverse employment opportunities, both formal and informal. Drawing a contrast between past and present, Prof. Dash illuminated the evolving entrepreneurial landscape. “Modern-day entrepreneurs grapple with multifaceted challenges, encompassing consumer behavior and ecological demands, unlike their predecessors in the 80s”, he said. He emphasized the imperative of passing on knowledge to the next generation of entrepreneurs, fostering an ecosystem where innovation thrives while minimizing rookie mistakes.
Mr. Sunil Gadgil, the Global Marketing Director and Acting Head at Beiersdorf (NIVEA Skin Care), offered insights into India’s market dynamics. He articulated India as a landscape brimming with opportunities, stressing the pivotal role of meeting consumer needs efficiently while maintaining sustainable long-term practices. Highlighting NIVEA’s journey in India, he outlined the challenges encountered and underscored the importance of creating unique offerings rather than merely riding the market wave. “India is a land of vast opportunities. We need to understand the importance of meeting consumer needs effectively while ensuring long-term sustainability”, he said. He outlined NIVEA’s competitive strategy vis-à-vis other global brands, emphasizing the importance of evolving alongside the market’s growth.
Dr. Chytra V Anand, Founder & CEO of Kosmoderma Clinics, delved into the changing landscape of beauty trends in India. She addressed the rising influence of the western trends in aesthetic medicine and plastic surgery, contextualizing it against India’s youthful demographic. Dr. Anand elaborated on the positive aspects, such as shifting attitudes, increased disposable income, and heightened health consciousness, while also acknowledging challenges like lack of specialized medical personnel and regional disparities. “Its time we understand the youth-dominated demographic and its impact on the increased focus on appearance for professional success”, she said.
Mr. Mayank Arya, Co-Founder of ‘YES MADAM,’ shared his entrepreneurial journey, fueled by personal tragedy and unwavering familial support. “Resilience is a driving force behind my venture’s success and now we plan for an extensive Pan-India expansion, projecting substantial socio-economic impacts”, he said. He projected significant socio-economic impacts resulting from the expansion of YES MADAM spread across 1100 cities in India.
Mr. Ashish Jain, CEO & Director – Von Wellx Germany Group (Iatric Industries Pvt Ltd), an IIM Indore alumnus, shed light on the pivotal aspects of his entrepreneurial journey. He stressed the need for a clear purpose in entrepreneurship, foregoing conventional job prospects, and highlighted his efforts in establishing the supply chain from China for Von Wellx in India. Additionally, he emphasized scaling niche healthcare products for the Indian mass market. An alumnus of IIM Indore, he highlighted the importance of having a clear purpose in entrepreneurship, preceding comfortable job prospects. He also shared his journey of establishing Von Wellx’s supply chain from China to India, implementing the China + 1 strategy. He also outlined plans to scale niche healthcare products for mass consumption in India.
The conclave witnessed a vibrant Q&A session skillfully moderated by Prof. Aparna Vincent, where students engaged with fervor, displaying curiosity and a thirst for learning. Their inquiries resonated with enthusiasm, delving into the intricacies of entrepreneurship in the beauty and wellness domain.
Prof. Shubhabrata Basu, summarizing the discussions, shared the essence of pivot strategies in entrepreneurial and intrapreneurial journeys. Prof. Basu encapsulated the key themes discussed at the conclave. He highlighted pivot strategies as crucial elements in the entrepreneurial and intrapreneurial journeys.
The conclave encapsulated diverse perspectives, unveiling the nuanced challenges and opportunities within the beauty and wellness industry. It highlighted the imperative for innovation, sustainable practices, and strategic pivots to navigate this thriving sector in India’s evolving entrepreneurial landscape.