New Delhi: Diversified business house Umesh Modi Group on Friday said it has forayed into baby skincare segment with the launch of European brand 'Galenco' in India. (Agencies)
The brand is being launched by Modi Omega Pharma, which is a 50:50 joint venture between Modi-Mundipharma and Belgium-based Omega Pharma Ltd, the group said in a statement.
Commenting on the development Modi Omega Director Himani Modi said: "The brand is already well accepted in the European market and we are hoping for a similar response in India."
The Indian baby care market has emerged as one of the most lucrative markets in the world.
With such a promising market, this would be the most ideal time to launch Galenco in
India, she added.
The group will sell the brand in metros and mini-metros initially and will be followed by tier-II cities through a retail network of 80,000 retailers, the statement added.
Galenco is the fourth brand that Modi Omega Pharma has launched in the over-the-counter (OTC) and personal care category since the company’s launch in 2010.
The company has already launched brands like Silence, Jungle Formula and Bodysol in the anti-snoring, anti-lice and anti-acne segments, in India.
According to industry estimates the Indian OTC market is about USD 2.43 billion currently and projected to grow at 10 percent annually.
Umesh Modi Group has interests in diverse sectors including sugar, engineering and cosmetics.
New Delhi: Diversified business house Umesh Modi Group on Friday said it has forayed into baby skincare segment with the launch of European brand 'Galenco' in India.