boAt, the Indian audio products brand, has started a sub-brand named Misfit to provide personal grooming products. The company has already established itself as one of the largest wearable brands in the world.
boAt Enters in Personal Grooming Sector with Misfit
Due to covid-19 infection and continuous lockdowns globally, people are preferring to buy personal grooming products to perform main activities including trimming, shaving etc by themselves. Misfit, a subsidiary of boAt, will target such consumers to sell its products.
As per the announcement, Misfit will avail the plenty of grooming products including beard trimmers, shavers, groomers etc in the growing personal grooming sector of India.
As per the latest research and personal grooming mark÷ting data, the Indian male grooming market was valued at around $643 million In 2018. And as per analytical predictions, it will cross a value of $1.2 billion by 2024 with a cumulative annual growth rate(CAGR) of around 11%.
Currently, Misfit will start offering a T200 grooming kit and a T50 trimmer for male. The products will be available on Flipkart and boAt website by 28 June 2021. Later, the startup plans to add women-centric personal products as well. In the male catalogue also, Misfit will add more categories in the future.
About boAt’s Recent Growth
Talking about the recent launch, boAt co-founder Aman Gupta said:
“The company will strengthen its lifestyle portfolio under the ‘Misfit’ brand under which grooming products will be designed specifically for the millennials.”
the boAt was launched in 2016 by Launched by Aman Gupta and Sameer Mehta. Currently, it is the 5th largest wearable brand globally. The startup includes a variety of audio products including headphones, earphones, smartwatches, speakers, travel chargers, and premium cables.
Kalagato, the market intelligence firm, has revealed in its 2020 research that boAt had a 37% share in the personal audio products market in India. Realme occupies an 8% market share to get a distant second position in India.
The boAt has raised a total of over $100 million from its investors including Warburg Pincus, a global private equity fund. With these funds, the startup is looking to expand its operations further. Currently, it has over 200 staffs working in Delhi and Mumbai offices.