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February 12, 2026
Vaeshnavi Kasthuril, Mint
Bengaluru, 6 February 2026
Global fragrance maker Bath & Body Works Inc. is betting on a reset to revive growth after years of heavy discounting and weak product innovation dulled its brand momentum across markets. The Columbus, Ohio-based retailer is pivoting to a “consumer-first” formula strategy centered around upgraded formulations, more disciplined marketing, and fewer promotions.
The reset matters as India is emerging as one of the company’s fastest-growing and best-performing markets and is also becoming a testing ground for how the brand evolves its retail model. India now ranks among Bath & Body Works’ top five international markets by growth.
“We’re seeing strong engagement across stores (in India), digital marketplaces and even quick commerce, which gives us confidence as we evolve the brand and introduce more innovation,” said Tony Garrison, global vice president at Bath & Body Works, in an interview with Mint.
The fragrance maker entered India in 2018 in partnership with Dubai-based Apparel Group and has since expanded to about 50 stores across major metros, while also building an online presence through platforms such as Nykaa, Myntra, and Amazon. Apparel Group brings over 80 global brands to India, including Victoria’s Secret, Charles & Keith, Aldo, Crocs, and Tim Hortons.
“We’re learning a lot from how the Indian consumer shops across platforms, especially the speed and convenience expectations,” Garrison said. “It’s helping us think differently about assortment, pack sizes and how we show up digitally”.
Even as discretionary spending softened, the brand’s franchise partner, Apparel Group, delivered double-digit sales growth in India and high single-digit comparable store gains in FY25. It reported a 26% year-on-year jump in FY25 revenue to ₹1,118 crore and a net profit of ₹20.5 crore, reversing a loss in the previous year.
Globally, Bath & Body Works’ earnings reflect soft consumer demand as well as margin pressures. Its revenue declined 1% to $1.59 billion in the third quarter of FY25, while net income fell 27% year-on-year to $577 million.
Reviving the fragrance engine
While legacy scents such as Japanese Cherry Blossom, Champagne Toast, and Thousand Wishes remain global blockbusters, the company admits it hasn’t produced enough new hits at a similar scale in recent years. Japanese Cherry Blossom is a $250 million fragrance.
“I think we haven’t done the best job of keeping up with some of the fragrance trends. We haven’t done a lot of innovation, and that’s what you’re going to see this year. This is a big change year for us,” Garrison said.
The company plans to elevate its home fragrance portfolio, bringing in more premium candle collections, gift-ready packaging, and deeper, more sophisticated scent profiles. The broader goal is to encourage shoppers to trade up within the brand rather than wait for markdowns. “We want customers to see the value in the product itself… not just the promotion,” Garrison said.
New retail formats
To test new retail formats, the company and Apparel Group plan to pilot a small “neighbourhood store” format of roughly 500 square feet in select non-metro markets later this year. These stores will focus heavily on core body care lines and hero fragrances, while creating a more discovery-led environment for first-time shoppers.
India is also emerging as a key market in testing how far premiumisation can go. Garrison noted that the company has not seen a slowdown locally: “India has actually been one of our strongest markets in the post-Covid period. Even when consumers are careful, they still spend on small luxuries that make them feel good”.
What experts say
Retail experts caution that the reset in India won’t be without challenges. Devangshu Dutta, founder of Third Eyesight, noted that brands often fall back on discounting when volumes don’t come through. He added that the personal care market has become intensely crowded, making brand clarity critical.
While the brand is leaning into quick commerce and smaller stores, Dutta cautioned that premium brands still need larger formats to build experience-led differentiation. “Neighbourhood stores can be spokes, but you still need the hub—the large store—to communicate the brand experience,” he said.
Race Intensifies
The turnaround plan comes at a time when rivals, including The Body Shop and Forest Essentials, are also vying for the Indian consumer’s wallet. The Body Shop plans to achieve ₹1,100 crore in revenue in India within the next three to five years. India’s fragrance market was valued at $1.0 billion in 2024 and is projected to grow at a 13.9% CAGR to $3.23 billion by 2033.
(Published in Mint)
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February 2, 2026
Sakshi Sadashiv, MINT
Bengaluru, 02 Feb 2026
BRND.ME, a roll-up commerce company, expects to complete its reverse flip (change of headquarters) from Singapore to India by March, clearing a key regulatory hurdle as it prepares to tap Indian public markets with an IPO.
Despite the rise of private labels from quick-commerce giants such as Swiggy Instamart and Zepto, CEO Ananth Narayanan remains confident. He argues that BRND.ME’s core categories—spanning complex, value-added products such as specialized haircare and niche party supplies—possess a level of brand loyalty and complexity that is difficult for generic retail labels to replicate. While private labels are currently displacing national brands in high-frequency, simple categories like dairy and staples, Narayanan believes the company’s core categories remain protected from this encroachment as they drive searches.
Having shifted its strategy from aggressive acquisitions to organic scaling, the company is now doubling down on its four largest brands: MyFitness (peanut butter), Botanic Hearth (haircare), Majestic Pure (aromatherapy), and PartyPropz (celebration supplies).
About 10-15% of BRND.ME’s India business currently comes from quick commerce, a channel the company plans to scale, Narayanan said. The company is the leader in party supplies on quick-commerce platforms, benefiting from impulse-driven demand. “People forget birthdays and anniversaries, so it’s a classic category to build a brand on quick commerce,” he said. The category contributes about ₹200 crore of revenue. The company also leads the peanut butter category through MyFitness, with a 30% market share on all quick commerce platforms and annual revenue of ₹270 crore.
The company’s revenue run rate stands at about $200 million. Male consumers worried about male-pattern baldness now account for about 35% of haircare sales. The company aims for a 10-fold jump in aromatherapy and haircare sales from $6 million to $60 million within four years, led by Majestic Pure and Botanic Hearth.
Drawing on his experience running Myntra, Narayanan said that private labels typically have a ceiling. “Even when we pushed hard on private labels at Myntra, they never went beyond 25-30% of the overall portfolio. That tends to remain the case as the categories we operate in are very hard to displace because we drive searches.”
This dynamic is already visible across several quick-commerce categories. The peanut butter segment is heavily consolidated on Blinkit, with Pintola and MyFitness together accounting for about 73% of sales, according to data from Datum Intelligence. Similar patterns have emerged in other categories. Blinkit’s popcorn segment, for instance, has rapidly consolidated into a duopoly, with 4700BC and Act II controlling 99% of sales.
Private labels muscling in
While Blinkit has consciously avoided launching private-label products on its platform, Swiggy has done so through Noice, and Zepto through Relish and Daily Good. For established brands, these private labels are becoming harder to ignore. Swiggy has scaled Noice aggressively, expanding the portfolio from about 200 to 350 stock keeping units (SKUs) and onboarding more manufacturing partners while moving beyond staples into categories such as beverages and ready-to-cook foods. These products are aimed at delivering significantly higher margins of 35-40%, compared with 10-15% on third-party brands, Mint reported earlier.
Private labels now contribute an estimated 6-8% of quick-commerce sales, up from 1-2% two years ago, according to data from 1digitalstack.ai, though penetration in perishables remains limited because of supply-chain complexity and quality concerns. A broader push into fresh categories could lift private-label share to 10-15%. Noice has already captured 3.4% of wafer sales and 1.9% of biscuit sales on the platform within months of its launch, according to 1digitalstack.ai data. The two categories are dominated by Lay’s and Britannia, which have a market share of about 35% each in their respective segments.
Zepto’s private-label push spans multiple everyday categories, including Relish for meat products, Daily Good for staples, Chyll for ice cubes and juices, and Aaha! for snacks, sweets, cereals and batters.
This growing presence creates a structural ‘trap’ for digital-first brands. Devangshu Dutta, chief executive at Third Eyesight, a consultancy firm, said, “Brands that are overly dependent on a single sales platform remain structurally vulnerable to being replaced by the platform’s own private labels, which are designed to capitalise on product opportunities that already have proven demand.” Platforms, he explained, tend to dominate high-frequency purchases, often undercutting brands on both price and visibility.
Persistently high online customer acquisition costs add to the pressure, particularly if the customer relationship is owned by the platform rather than the brand. “This has been one of the significant friction points for all digital-only brands, and weighs especially heavily on companies that have online-heavy portfolios with multiple brands in play,” Dutta added.
(Published in Mint)
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January 31, 2026
Surabhi Prasad, Business Today
Print Edition: 01 Feb, 2026
The last two years—2024 and, more notably, 2025—saw a wave of protests by a new generation of students and young professionals looking for political change, better economic conditions and more climate awareness across countries, including Bangladesh, Nepal, Indonesia and the Maldives.
But beyond these uprisings, Gen Z, the term used to describe those born in late 1990s to the early part of the 2010s and currently aged around 13-29 years, are not only questioning but also bringing forth changes in societal norms and economic behaviour. It’s not just a generation gap!
Gen Z are digital natives. They are tech savvy, have grown up with Internet in their homes, iPads as their support system, social media as a constant companion and take digital payments, online and quick commerce for granted. They tend to be night owls, the real gigsters, at home with artificial intelligence (AI) and machine learning, and with a lingo—cap, salty, suss and tea—that make others scratch their heads.
They also have newer challenges—rising unemployment, an uncertain economic environment, the rise of AI that has put a question mark on the future of work, climate change that is turning more real by the day, and skyrocketing real estate prices that mean a dream home could remain just a dream. Still, they are the rising consumer force who, over the next decade, are poised to become the largest chunk of the labour force and the focus of most companies.
For a country like India that is still young, Gen Z will soon be the economic force to reckon with. A recent report by not-for-profit think tank People Research on India’s Consumer Economy (PRICE) estimates that as of 2025, nearly one in five young individuals globally lives in India. “This is a formidable 420-million strong force, constituting approximately 29% of the nation’s total population, and made up of individuals aged between 15 and 29 as defined by India’s National Youth Policy (2014),” it said.
Labour sociologist Ellina Samantroy, Fellow at the V.V. Giri National Labour Institute, says India’s expanding Gen Z or youth workforce offers a significant opportunity for the country to reap the demographic dividend. As per the recent Periodic Labour Force Survey 2023-24, around 46.5% of the labour force is in the 15-29 age group. “There has been an increase in labour force participation in this age group from 42% during 2021-22. One can see the economic growth potential of this cohort,” she says.
However, with transitions and emerging opportunities in the world of work, it is important to harness the potential of this population cohort with adequate access to education and skilling, she says.
Devangshu Dutta, founder and chief executive of Third Eyesight, a boutique management consulting firm focused on the retail and consumer products ecosystem, says Indian Gen Z consumers are not a uniform cohort.
“A critical issue in India is the coexistence of aspiration and constraint, and India’s Gen Z are shaped by a mix of high digital exposure and wide economic disparity. While they are ambitious and globally aware, their purchasing power varies sharply across segments and locations,” he says.
Further, urban, higher-income Gen Z display global consumption behaviours such as brand experimentation, social commerce and premium aspiration, whereas a large proportion of Gen Z in Tier II, Tier III and rural India is highly value-driven and necessity-led, while drawing their inspiration from global and national sources. He also points out that unlike Millennials, Indian Gen Z are also entering the workforce in a more uncertain economic environment, making price sensitivity, smaller pack sizes and flexible payment options important. “Employment patterns such as informal jobs, gig work and delayed income stability are influencing consumption cycles and brand loyalty,” he says. There is a strong preference for digital discovery, vernacular content and peer-led recommendations, with trust built through community and relevance rather than legacy brand status.
Rising aspirations of Indian households and changes in consumption pattern with a marked move from essentials to more premium products have been well documented, most recently in Household Consumption Expenditure Surveys. But more granular, individual-level data from PRICE shows marked changes in education levels and behaviour of Gen Z and other cohorts such as Millennials (those aged between 30 and 45), Gen X (aged 45-60) and Baby Boomers (60+). A 2024 PRICE ICE 360 Survey of 8,200 respondents (18–70 years) in 25 major cities showed that Gen Z is the most educated cohort, spends the most time browsing the Internet and is more engaged with e-commerce and paid digital services.
Multinational and domestic companies are also now waking up to the Gen Z wave and are realising that they need to review strategies to gain the attention and loyalty of Gen Z as consumers and workers.
“Fashion, beauty and personal care, food and beverages, and mobile and consumer electronics are at the forefront of change in India,” says Dutta. Responding to Gen Z requirements, companies are designing products at accessible price points, expanding entry-level ranges and leveraging sachetisation and subscription models. Brands are investing more in regional languages, local influencers and platforms such as short-video and social commerce channels that resonate with young Indian consumers, he says.
But this process is still at a nascent stage, and many companies and analysts are still trying to assess this generation.
For the 34th Anniversary Issue, we at Business Today decided to decode what Gen Z is truly about, what influences them the most, what they aspire to purchase, what they can afford and what this means for India Inc. Over the course of the last few months, our newsroom saw animated discussions as senior editors sat down with younger colleagues to discuss lifestyle choices, brand loyalties and career ambitions, as we drafted an issue brief and a potential survey.
We then got in touch with PRICE, which worked with us on our survey objectives and tweaked the questionnaire. The result—a first-of-its-kind exercise where PRICE surveyed 4,311 Gen Z respondents, who are now entering the workforce with an income of their own, residing in metros and Tier II cities. The survey covered gender, education, employment status, personal income and household income classes. The main focus was urban, educated Gen-Z who has the income to be a strong consumer.
The research examined consumption behaviour across discretionary and essential categories, savings and credit attitudes, digital influence, brand loyalty, aspirations, and future spending intent.
And the results are indeed, surprising! The survey reveals that traditional consumption models that were built around age-based life stages, linear career progression and early credit adoption no longer hold for Gen Z. “This cohort’s behaviour reflects early exposure to economic shocks, greater career volatility and a redefinition of success away from speed toward resilience,” it underlines.
For businesses, misreading delayed demand as permanent weakness risks underinvestment just as Gen Z approaches its next consumption inflection, it warns. For financial services, premature credit push without trust-building will underperform. For consumer brands, price-led acquisition without quality consistency will fail to convert into lifetime value.
Delve into this issue where BT brings to you the in-depth findings of the survey and explains what this means for companies as they vie for a share of this growing consumer segment. Gen Z is not just about rizz and drip, it is giving the main character energy as they come of age.
(Published in Business Today, issue dated 1 February 2026)
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January 28, 2026
What does it actually take to build a fashion brand in India?
This panel (“Beyond the Noise- How D2c Fashion Brands Are Reinventing Retail”) at the 25th Edition of India Fashion Forum focussed on some real answers, in a refreshing, down-to-earth conversation moderated by Devangshu Dutta (Founder, Third Eyesight), with the founders of DeMoza (Agnes Raja George), The Mom Store (Surbhi Bhatia), Miraggio (Mohit Jain), BeyondBound (Tejasvi Madan), and Bari (Sameer Khan Lodhi).
No fluff, no “disrupting the industry” talk. Just founders being honest about what’s worked, what hasn’t, and what they’d do differently. A few things that struck a chord:
• Every single brand started because the founder couldn’t find something they personally wanted: inclusive activewear, affordable handbags that didn’t look cheap, good maternity wear. Sometimes the simplest observation is the best business idea.
• Inventory management came up often. One founder took their inventory cycle from 6 months down to 4. Another re-shuffles stock every 15 days based on what’s selling where. Unglamorous? Yes, but this is what actually keeps a business alive.
• The marketing conversation highlighted a move away from traditional advertising toward things that actually make people feel something. One founder talked about turning a farmhouse into a full “apricot colour” experience for customers. Another shoots content with real customers, not influencers.
• And the most memorable line of the whole discussion came from the most experienced founder in the room sharing a learning: “I won’t open stores fast.” No explanation needed, really.
Building a brand is exciting. Keeping it alive is the harder, quieter work. This panel was a good reminder of that. Worth a watch if you’re building something in this space.
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January 17, 2026
Prachi Srivastava, Hindustan Times
January 16, 2026
We keep telling ourselves that 2026 will be the year of budgeting. So, we’ve cut back on weekend brunch, paused Zara hauls, are collecting every coupon code we can, and are furiously spinning the wheel of luck on every site’s pop-up box. One thing that’s making it a little easier: Mini-sized luxury.
We’ve been here before. India’s sachet and sample-size products have been so successful, they’re studied in business school. We’ve lived through the beauty-box-subscription revolution (we still have the empty pouches somewhere). We’ve sprung for discovery kits on Nykaa and Tira (those 7ml doses will never make a difference, but still…). But luxury in small sizes? In this economy, when we’re budgeting and still craving pick-me-ups, it’s an idea whose time has come.
Everyone’s doing fun-size now: There’s one-day-use SPF as a handbag charm, tiny tubes of mascara, three-spritz niche perfumes. There are advent calendars – 30-day boxed sets for December, promising big savings. But also tasting jars of chilli-oil, one-hour-burn micro candles, single-wash detergent pods, even a single-cup insulated flask for your morning brew.
They all have starring roles in What’s in My Bag videos and GRWM reels. “Mini-product content sees higher engagement because it’s visually satisfying,” says beauty influencer Preiti Bhamra (@PreitiBhamra). “The contrast of a big hand holding a tiny product instantly catches attention.” Minis are deliberately packaged in the same style as a full-sized product, for better brand recognition. They photograph better too. Plus, think of how many more treats can fit on a shelf or a handbag, if they’re a smaller size.
Thinking small
Minis used to be linked to the Lipstick Index. The uptick in small-luxury purchases has, for decades been a recession indicator – ostensibly because when finances feel uncertain, consumers tend to avoid big purchases and turn to smaller indulgences for an emotional boost. That’s no longer true. Small is now a category unto itself.
On top beauty sites, you can filter products by mini size (not Travel Size as they were once called). Korean and Japanese brands deliberately market “ampoule” sizes for single-dose products. Platforms such as Smytten sell only sample sizes. Gemz, a mass-market brand that hasn’t launched in India yet, is aimed directly at GenZ (as the name suggests). It sells bath products in single-use packs. Hang them on the shower rod, open one, add water, lather, rinse, repeat.
Retail and luxury analyst Devangshu Dutta notes that minis are just low-risk experiments in luxury. It “encourages consumers to try premium categories they might otherwise postpone”. Think about it: A full-size Maison Francis Kurkdjian perfume may cost more than a month of Uber rides, but its mini discovery set under ₹5,000 feels like reasonable adulting. A Jo Malone candle is basically an EMI for your nose — but the 35g version? Suddenly doable.
“Across beauty, fragrance, personal care and gourmet foods, minis help brands acquire new customers faster,” Dutta adds. “They rotate better on shelves, get tried more often, and build quicker loyalty.”
I feel so used
We don’t buy minis only because they’re practical. We buy them because they hit our emotional pressure points. Clinical psychologist Dr Prerna Kohli says that when life feels overwhelming, “a small treat feels manageable.” A tiny lipstick becomes a quick hit of “at least this feels good,” even when nothing else is going right.
“There’s also a cultural twist,” Kohli adds. Indians grow up on the idea of delayed pleasure — work first, reward later. Tiny luxuries flip that script. They’re permission to feel good now. “Choosing something beautiful reminds you that you still matter, without waiting for a milestone.” Women, particularly working women and caregivers, hesitate to invest in themselves. But a tiny serum? That feels “allowed.” Less money, less guilt, and far fewer explanations.
Tiny treats thrive in the kitchen, as young professionals find them easier to experiment with, than brimming jars of an unfamiliar flavour. Food creator Natasha Gandhi (@NatashaaGandhi) says that tasting sets, mini variety packs and weekend-use portions have been doing well in the gourmet and artisanal category as diners seek restaurant-style flavours at home, but don’t want to cook the same thing over and over. In smaller kitchens and cluttered pantries, they also feel practical. They sit “at the sweet spot of ambition, convenience and low commitment.”
Too tiny to thrill
Not all minis deliver value. A 7ml sunscreen sachet isn’t enough for a user to determine if it truly suits their skin. A one-meal condiment delivers flavour, not familiarity. Single-use homecare creates packaging waste, adds to clutter, and cost-per-use can quietly climb. Luxury shampoo and conditioner minis are largely “overrated,” says Bhamra — often more indulgent illusion than practical trial.
The real red flag appears when the buying shifts from enjoyment to emotional avoidance. “It becomes unhealthy when shopping is used to numb uncomfortable emotions,” cautions Kohli. The usual symptoms apply: Shopping in secret, adding to cart the same time every day, week or month – indicating shopping during cyclical low periods, overjustification for a purchase. “Enjoyment is fine. Distraction always circles back.”
Perhaps in an age of overwhelm, the new luxury isn’t about owning more, but about feeling steadier. “Sometimes people simply enjoy beautiful things in small forms,” says Kohli. “We’re allowed to like something just because it makes us smile.”
