Colorbar plans to double revenues to ₹1000 cr by FY27 via foreign forays; eyes Middle East, U.S., Mexico, Nepal

Colorbar Cosmetics, part of Modi Enterprises, is eyeing a significant scale-up with plans to touch ₹1,000 crore in revenue and list on the bourses by 2027-28.

“We closed last year at around ₹530 crore in FY25, and we are looking to, in the next two years, go up to a thousand crores,” said Samir K Modi, founder and managing director of Colorbar. “We’re planning 2027-28 to get into an IPO.”

The brand sits within Modi Enterprises, a diversified $15 billion group that houses businesses such as Pan Vilas, Modicare, Godfrey Phillips India and former convenience retail chain 24Seven. According to latest filings, Colorbar posted sales of ₹350.4 crore in FY24, with an operating loss of ₹18 crore and a net loss of ₹37.6 crore. 

Colorbar has a retail presence of 111 exclusive stores and 1,600 shop-in-shops across India, with brick-and-mortar remaining its strongest channel. “We are very much an experiential brand. Consumers want to come in and experience what we stand for,” said Modi. About 30% of sales come from multi-brand platforms and marketplaces including Nykaa, Myntra, Blinkit and Purplle. 

The company is also pushing international expansion. “We’re already number five in Russia in terms of market share. We’re getting into Dubai, Kuwait, Iraq, Iran. Next month, we’re launching in Nepal,” Modi said. Colorbar has also conducted online test launches in the U.S. and Mexico, which he described as “very successful.”

The brand is revamping packaging and stores while premiumising products. Modi claims Colorbar formulations are on par with global names like Charlotte Tilbury, Bobbi Brown, Nars, Huda Beauty, and Giorgio Armani. Despite this, he admits margins are tighter compared to luxury rivals. “If I am selling it for ₹2,500 and Charlotte is selling it for ₹5,600 for the same product, their margins are a lot higher than ours,” he said.

Currently, Colorbar commands about 7-8% of the Indian cosmetics market, ranking third behind Lakmé and Maybelline. Growth, Modi added, is being driven by rising demand for premium yet affordable luxury, vegan and cruelty-free products, as well as male grooming. Tier-2 and tier-3 markets are fueling innovation-led consumption, while metros are seeing stronger demand for conscious beauty.

The company launches 200-250 SKUs annually, reflecting its push to stay relevant in a fast-moving segment. With IPO plans on the horizon, Modi is clear on the roadmap: “Brand stands for innovation, brand stands for great quality. We are clear on what we are offering and why we are offering it.”