Beauty products sales strong at Sri Lanka’s Sunshine group pharmacies
Mar 07, 2016 16:35 PM GMT+0530 | 0 Comment(s)
From pharmaceuticals to beauty retailer.
ECONOMYNEXT – Sri Lanka’s Sunshine Holdings says strong sales of beauty products at its Healthguard pharmacies justify plans to expand the chain with a shift to becoming more of a wellness retailer.
Healthguard expects to more than double its outlet network – consisting of standalone ‘Full Service’ stores and ‘Express’ stores located within leading supermarkets – from 24 at present to 50 by 2018, a statement said.
Eight new Full Service and Express outlets have been opened from the beginning of 2015 to the present with Healthguard committing 100 million rupees over the past three years and incurring 70 million rupees in FY15/16 alone to expand its retail presence.
Sunshine Healthcare Managing Director Shyam Sathasivam said that among changes in customer expectations, a greater demand for beauty, wellness and fitness products is particularly noticeable.
“In recognition of this trend, Healthguard has placed significant emphasis on expanding its health, wellness, beauty and fitness products portfolio, adding many products from globally-reputed brands,” the statement said.
Healthguard outlets have witnessed rapid growth in over-the-counter sales volumes with significant growth particularly in beauty products.
In the first nine months of the current financial year (9MFY16) Healthguard witnessed 22 percent sales growth on a year-on-year basis, after sales grew 15 percent in the 2015 Financial Year.
“Apart from the figures in themselves, we are most encouraged by their implications – which indicate that our efforts, including the strategic shift in our product portfolio have put us on the right track,” Sathasivam said.
“From selling primarily pharmaceutical products at its inception 10 years ago, the Healthguard brand has come a long way in establishing its credentials as a leading pharma, wellness and beauty retailer.”
Healthguard is a fully-owned subsidiary of Sunshine Healthcare Lanka Ltd., the healthcare arm of the diversified Sunshine Holdings conglomerate with interests in agribusiness, FMCG, packaging and renewable energy. (Colombo/March07/2016)