-Hair-Care-Sector-Analysis.doc

7/29/2019 -Hair-Care-Sector-Analysis.doc

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A Report on Hair Care Industry in India

STUDENTS: INDIAN INSTITUTE OF MANAGEMENTKOZHIKODE

September 4, 2010 Authored by:Jatin Bhagat, K


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Sudharshna and Vardhan Singh

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AReportonHairCareIndustryinIndia

Hair Care Product Sector in India

Evolution of the Hair care market in the country

The Rs.85,000 crore FMCG market in India is growing at a fast pace despite

of the economic downtrend. The increasing disposable income and improved

standard of living in most tier II and tire III cities are spearheading the FMCG

growth across the nation. The changing profile and mind set of the consumers

has shifted the thought to 'Value for Money' from 'Money for Value'.

The Indian hair care market is part of the burgeoning personal care sector under

FMCG in the country. A growing population with higher disposable incomes

and greater consciousness about appearance has made a strong case for the

Indian personal care sector.


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Till 1991 personal care products in the country were treated as luxury goods

and had a huge excise duty of 120% attached to them (except oral care).Since

then, however gradual taxation relaxations has brought down the excise duty

level as low as 30%.This fact coupled with the paradigm shift of changing

lifestyles of the Indian middle class and growing income levels have madethese products more affordable.

Personal Care products include the following sectorsP

Hair care Oral care Skin care Cosmetics

Female hygiene

The annual personal care segment in the country is expected to be $54.6 billion

as of 2010 end. It is one of the highly marketed sectors in the FMCG category

and accounts for an astounding 20% share of the total television advertising in

2009

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52430000043c0000080c625452430000043c0000080c7465787400000000436f70797269676874202863292031393938204865776c6574742d5061636b61726420436f6d70616e790000646573630000000000000012735247422049454336313936362d322e3100000000000000000000001273524742204945433631393636

2d322e31000000000000000000000000000000000000000000000000000000


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Out of which the split up of sub divisions was as follows

Hair careH

Market Analysis

Its one of the fastest growing segments within the personal care sector along

with baby care and feminine hygiene. the growth in hair care industry is

specifically robust in the hair colorants category. As of 2009 the sector as a

whole generated total revenues of $1.4 billion ,representing a compound annual

growth rate (CAGR) of 15.4% for the period spanning 2005-2009. In

comparison, the Japanese and Chinese markets grew with CAGRs of 1.2% and

6.2%, respectively, over the same period, to reach respective values of $4.9

billion and $2.4 billion in 2009.

Sales of conditioners proved the most lucrative in the previous year with a total

sales of $703 million and around 48.6% of the total market share.

This trend is expected to continue till the projected period of 2014 albeit a

slower growth rate in the latter years.

$INR % Year million million million Growth


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

0000000000000000000000000000000000000000000000000000

2006 938.4 445842.6 674.9 14.90%

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6d6e640000025400000070646d6464000002c400000088767565640000034c0000008676696577000003d4000000246c756d69000003f8000000146d6561730000040c0000002474656368000004300000000c725452430000043c0000080c675452430000043c0000080c625452430000043c0000080c7465787400000000436f70797269676874202863292031393938204865776c6574742d5061636b61726420436f6d70616e790000646573630000000000000012735247422049454336313936362d322e31000000000000000000000012735247422049454336313936362d322e3100000000000000000000000000000000000000000000000000

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2008 1248 60965.4 897.5 15.80%

TA BLE I INDIA HAIR CARE MARKET VALUE 200508FIGURE 1INDIAN HAIR CARE PERCENTAGE GROWTH


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Market volume

The hair care sector can be subdivided into hair care products and hair careservices. The latter is a growing trend with clinics such as Dr.Batras, Kayas

skin clinic etc across the nation. We shall however examine the former in this

report.

Hair care products consists of the following major sub sectorsH

Hair oils Hair shampoos

Hair colorants & conditioners Hair gels

Source: data monitor Major players

Hair colorants -Godrej, Garnier, L'Oreal, and Lakme.

Hair oils -HLL, Marico, and Dabur India

Hair oils -HLL, and Procter & Gamble.

Consumer demarcation in Indian Hair Care Industry

Traditional Problems associated with the hair care sector

When the FMCG companies embarked upon hair care products they faced a

seemingly uphill task in changing the life style of the people .Indians were

traditionally used to oiling their hair with coconut oil and using either bath soap

or conventional powders such as shikkakai for washing their hair.

Hence hair care products were viewed as a luxury and often with mistrust an

attitude shown both by the consumers and reciprocated by the government.

Over the years a combination of increased awareness, growing income and

aggressive marketing has ensured a steady change in the consumer psyche and

has resulted in greater penetration of hair care products.


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Preferences of hair care products is still dominated by personal lifestyle biases

as seen by the urban vs rural divide

Urban Indian: most do not prefer oiling their hair and hence hair colorants,

shampoos and conditioners are more favorable to them

Rural Indians: they still predominantly oil their hair and are increasingly

switching from local players to established ones due to fear of adulteration and

aggressive selling by the FMCGs. Usage of hair oil is a typical Indian

traditional habit now being increasingly restricted to the rural side. It is

perceived to offer benefits of nourishment, hair strengthening, faster and better

growth, and reduce the problem of falling hair.

This divide is also reflected in the major hair care players with HUL

increasingly concentrating on after wash and colorant segment and Maricoleveraging its hair oil leader position with the take over of HULs Nihar by

Marico.

Industry Analysis by Porters five

forces Buyer power

The major retailers in the Indian hair care market are

supermarkets/hypermarkets, pharmacies and drugstores. These haveconsiderable negotiating power over the FMCG majors because hair care

constitutes only a small segment of the retail stores product range. Backward

integration is more of a common sight with the use of private labels rather than

forward integration. The major hair care players have increasingly started niche

targeting of customers aiming at a greater loyalty and hence forcing the

decrease in buyer power.

Supplier power

Suppliers in the hair care market include manufacturers of chemical

ingredients, such as foam boosters, thickeners, conditioning agents,

preservatives, modifiers, and special additives, and packaging materials.

The main active ingredients of hair care products are surfactants, which are


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typically derived from petrochemicals.

The increased regulations by the government requires that the ingredients be

environment friendly which drives up the R&D cost and hence reduces the

suppliers power.

New entrants

Presence of existing multi national brands with high degree of economies of

scale acts as a huge deterant. However new entrants have increasingly adopted

a strategy of micro segmentation concentrating on a few niche markets.

Substitutes

Includes soap and its old nemesis of traditional Indian hair care products.

However with changing attitudes as previously elaborated threat of substitutes

is increasingly looking dumb.

Rivalry

This is dominated by few big players who often, offer a wide range of products.

Robust market growth, customer loyalty and product diversification has helped

to ease the rivalry.

GLOBAL HAIR CARE MARKET

The hair care product market is expanding like never before! According to areport issued by Global Industry Analysts, Hair care is witnessing tremendousgrowth primarily due to the increasing consumer emphasis on healthy hair, thecatchword being Personal care begins with hair. Hair care is one of the most

competitive segments in the toiletry industry. World market for hair careproducts is projected to reach $42.5 billion by the year 2010, a growth of19.6% over five years.

Men becoming more conscious of their appearance and devoting a largerportion of their resources towards adorning their locks and looks, imparted anew dimension to the hair care industry. Within the hair care products market,


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demand for hairdresser-related products is greatly influenced by growth indisposable income and changes in consumer spending and habits. Upscale

professional products are increasingly finding takers for home use. Demand isalso on the rise for natural and salon-based products. Ingredients gaining

popularity include aromatherapy oils, natural plant extracts, proteins, exoticbotanicals, shine enhancers and products fortified with vitamins and UVprotection. Shampoo Market worldwide is forecasted to grow at a CAGR of3.35% over the years 2011 through 2015, as stated in a recent report published

by Global Industry Analysts, Inc. Conditioner Market in Asia-Pacific isprojected to reach $405.64 million by the year 2012.

Major players in the marketplace include Alberto-Culver, Aveda Corporation,Beiersdorf AG, Henkel KGaA, John Paul Mitchell Systems, Neutrogena Corp,Kao Corporation, Lion Corporation, L'Oreal, Procter & Gamble, Revlon Inc.,Shiseido Co. Ltd, and Unilever Plc, among others.FIGURE 2 GLOBAL MARKET TREND OF HAIR CARE INDUSTRY

HAIR OILS

The hair oil industry in India is different as in the case against shampoos or any

other hair care product. The use of hair oils have been ingrained into the habits

of Indian people so the need of building a market for it is not required.

However that does not imply that the competition is any easier in 1800 crore

Indian Hair Oil Industry. Major competitors like Hindustan Unilever, MaricoIndustries, Dabur India and Cavin Care have been out with a slew of products

to vociferate their presence in the industry. The industry is out against not only

against each other but also against natural oils like mustard oil and coconut oil

which people have been using traditionally over the years. The fact is

manifested when we say that branded players collectively account for only one-

third of the total hair oil market up against loose oils.

The branded oil players or the Value added oil players are severely dependent

on the availability and price of their inputs. For example, the price of copra, thekey input in coconut based hair oils, has been a key factor determining the

fortunes of the major players in this segment. The coconut oil market accounts

for 72 per cent share in the hair oil market. In the branded coconut hair oil

market, Marico (with Parachute) and Dabur are the leading players.


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 from unbranded to branded products and growth in the

light hair oil category is what is driving the Rs 5,770-crore hair oil

market. Perfumed oil (Rs 2,930 crore) and coconut oil (Rs 2,110

crore) comprise the two main segments of the hair oil market.

Volume growth for the hair oil category is currently pegged at 12.8

per cent and value growth at 17.7 per cent.

However, it is the light hair oil segment within perfumed oil that is the

fastest growing segment recording a value growth of 23.8 per cent

and a volume growth of 14.1 per cent in 2009, according to The

Nielsen Company.

Hair oils have primarily been the forte of Indian companies such as

Dabur, Emami and Bajaj Corp (previously Bajaj Sevashram). The

various types of Hair oils in the market are:

Coconut oil

Marico started branding in the coconut oil category with its Parachute brand inthe early 1990s. This led to the growth in the overall category that had beenstagnating earlier.

Parachute currently dominates the branded coconut oil segment whichcontinues to grow at 10 per cent.


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The hair oil segment with perfumed oil (includes heavy amla oils, cooling oilsand light hair oils) and coconut oil accounts for more than 55 per cent of thelarger hair care industry (Rs 9, 150 crore) which includes shampoos (Rs 2,840crore), conditioners (Rs 80 crore) and dyes (Rs 1,190 crore).

Today, players such as Bajaj Corp are making a steady effort to move coconuthair oil users to light oils.

Light hair oils

The light hair oil category is dominated by Bajaj Almond Drops with a share of46.8 per cent volume share followed by Dey Chemical's Keo Karpin at 21.5

per cent and Marico's Hair & Care at 15.2 per cent.

In other categories such as heavy amla oil, where growth has been flat, it isDabur Amla which dominates the segment with a volume share of 69.5 per centfollowed by Marico's Shanti Amla Badam at 8.3 per cent and Dabur SarsonAmla at 5.8 per cent and Bajaj Brahmi Amla with a 3.4 per cent share.

Cooling oils

The cooling oils segment also recorded robust growth at 21 per centlast year due to Emami's Navratna hair oil brand spending heavily on

advertising the brand.

Today Emami's Navratna leads in the cooling hair oil category with a44 per cent volume share followed by brands such as Him Gange(from GK Burman Labs) with a 29 per cent share.

HAIR GELS

Hair gel market segment is at a primary stage and not many local brandsare available in India. Hair gels/creams are mainly used for hairgrooming by men and is used as a fashion accessory. The market

penetration of hair gels/creams is very low, and is limited to a smallsection of the urban market.

The major brands in Hair Gels for men are Brylcreem by Sara Lee andParachute After Shower Anti-Dandruff hair cream and Styling Gel by


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Marico.

Brylcreem was a well-known brand in India, the brand lost ground asit did not come up with new offerings. After Sara Lee acquired the

brand from Smithkline Beecham in 1993, the brand was repositionedas a young, cool and upwardly mobile one which helped in garneringmore share.

In the hair cream market, Brylcreem had a market share of 42 per centin 1996 that has grown to 72 per cent in 2002. In the hair gel market, the

brand in 1998 had a market share of five per cent while now the share is70 per cent.The increase in market shares also coincides with thegrowth of the men's toiletries market in India, which is estimated to bein the region of Rs 250 crore.

ParachuteHair Styling Gelwas launched in November 06 meant for ayounger audience looking for a product that would help them look the

part every day. The gels natural ingredients not only helped in stylingbut also made them softer by providing nourishment unlike any othergel.Parachute After shower anti-dandruff hair cream was launched inMarch-06. The product was positioned as an all natural product not onlyfor styling but also boasted of 4 in 1 benefit i.e. Non-sticky, AntiDandruff, Works all day and prevents breakage.

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52430000043c0000080c625452430000043c0000080c7465787400000000436f70797269676874202863292031393938204865776c6574742d5061636b61726420436f6d70616e790000646573630000000000000012735247422049454336313936362d322e31000000000000000000000012735247422049454336313936362d322e31000000000000000000000000000000000000000000000000000000The market for Hair Gel for men is growing at a rate of 12 per cent to

15 per cent.


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MAJOR PLAYERS

MARICO LIMITEDMarico Limited (formerly Marico Industries) is engaged in the manufacture,

sales and distribution of consumer products and services such as hair care, skincare and health foods. The company's products and services are marketed inmore than 20 countries in the Middle East, the Asian sub-continent, Australiaand the US. The company has 11 manufacturing facilities including six in Indiaand five outside India. The company sells various hair care products under

brand names such as Parachute, Mediker, Shanti Badam Amla, Nihar, Starz,Oil of Malabar. In addition, it markets two hair care brands under Hair & Care,a perfumed non-sticky hair oil and Silk N Shine, a hair conditioner. In 2009,the company launched Almond Gold non sticky hair oil with almond proteins)under the brand Hair & Care, Parachute Advanced revitalizing hot oil and

Parachute Advansed cooling oil in the hair care product category. Further, thecompany offers perfumed oils to consumers in Bangladesh and hair creams andhair oils (with lower coconut oil content) in the Gulf countries. Its productsinclude Camelia, Aromatic, Fiancee, Hair Code, Caivil, Black Chic, Herculesand Sundari.

Marico Limited generated revenues of $491.4 million in the financial year(FY) ended March 2009, an increase of 25.4% over 2008. The company's netincome totalled $38.6 million in FY2009, an increase of 11.6% over 2008.

During the FY2009, the consumer products division recorded revenues of$454.5 million, an increase of 23.7% over 2008 India, Maricos largestgeographical market, accounted for 79% of the total revenues in FY2009.Revenues from India reached $388.4 million in 2009, an increase of 19.4%over 2008.

UNILEVER

Hindustan Unilever Limited (HUL) is Indias largest Fast Moving Consumer

Goods Company having product ranges across 20 distinct categories in Homeand Personal Care products.

Unilever is a global manufacturer and marketer of consumer goods in thefood, personal and homecare segments. Unilever operates under a dualstructure. The group has two parent companies: Unilever NV and Unilever

plc. Unilever NV is a public limited company registered in the Netherlands,


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DABUR

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000003f8000000146d6561730000040c0000002474656368000004300000000c725452430000043c0000080c675452430000043c0000080c625452430000043c0000080c7465787400000000436f70797269676874202863292031393938204865776c6574742d5061636b61726420436f6d70616e790000646573630000000000000012735247422049454336313936362d322e31000000000000000000000012735247422049454336313936362d322e31000000000000000000000000000000000000000000000000000000Dabur India Limited (DIL) is a fast moving consumer goods (FMCG) company

that manufactures and distributes products in health care, personal care andfood products sectors. The companys distribution network includes 50carrying and forwarding (C&F) agents, about 5,000 distributors and over 2.8million retail outlets all over India. It operates in India, Nigeria, Egypt, Nepal,Bangladesh, the UAE and the UK. The company operates through three

business units: consumer care business, consumer health business, andinternational business. The consumer care division (CCD) caters to sevendistinct segments: hair care, oral care, health supplements, digestives &candies, home care, baby oils & skin care and foods. The hair care segment

products include hair oils, mustard oil and shampoos. These products aremarketed under brands Dabur Amla, Vatika and Anmol.

Dabur India Limited generated revenues of $583.9 million in the financialyear (FY) ended March 2009, an increase of 19.1% over 2008. Thecompany's net income totalled $80.1 million in FY2009, an increase of17.1% over 2008.


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Hair colorants & Conditioners

According to A C Nielsen (the world's leading marketing information

company), hair colorants, feminine hygiene, and baby care have accelerated

growth in personal care market.

Hair colorants are substitutes for hair dye to counter graying hair. Hair

colorants indicate strong growth trends with a YoY (year over year) growth

of 8 per cent.

Gone are the days when hair conditioners and hair colorants were used

occasionally to look beautiful. Today, they have become the way of life.

However, hair conditioners in India still face a difficult market due to long

established habit of using hair oil and ayurvedic treatments, as they arecheaper for consumers and lack the chemicals of conditioners.

Hair colorants

Hair color market has seen a boom in recent years. LOreal, Godrej and

Revlon and Henkel-Schwarzkopfare some of the major brands in this country

Today, the total hair color industry in India is around Rs 650 crore. This is

further divided into the retail and the salon segment. The former is growing at

over 20% annually. According to market research Godrejs market share at 40

per cent, followed byLOrealat 15 per cent andRevlon at 8 per cent. Rest of

the brands make up the remaining 37 per cent.

Today, if there are more brands in the Indian market, its largely due to

demand. When hair colors first came to India, more than a decade ago, it was

largely to cover grey hair. But with the increasing number of youth in the

country, it has become a fashion statement, especially with the young and

trendy. Hair colors were traditionally aimed at the 15-45 age female segments.

But market research shows that there was a growing population of 15-45 males

which patronized the category in a big way.

Conditioners

The hair conditioner market is estimated at around Rs 200 crore and isgrowing at about 40 to 50 per cent a year.


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In India, the share of hair conditioners is merely one-fifteenth of theshampoo market. In most mature markets, the share of hair conditioners isabout one-third.

Hair shampoos

Hair shampoo market in India is pegged at Rs 2,200-crore but it hasfragmented where the smaller players in the market such as Dabur India andCavinKare have registered sizzling growth rates recently.

According to industry data, while value growth achieved by the industry in thefirst nine months of the financial year 2009-10 slowed down to 9.3 per centcompared with the 15.2 per cent growth recorded in the comparable period ofthe last year, Dabur, with a growth of 19.4 per cent in the nine months of 2009-

10 outpaced market growth, while CavinKare, with brands such as Chik andMeera, too registered a 11 per cent growth. Market leader Hindustan Unilever'sgrowth in shampoos this fiscal was, however, slower than the market at 7.8 percent.

In fact, Johnny-come-lately brands from ITC such as Fiama di Wills, Vivel andSuperia, with a growth rate of 10.5 per cent have outpaced category growth inthe first nine months of this fiscal. ITC's brands also carved out a two per centshare of the market.Dabur's brands have seen 20-30 per cent growth rates for the fourth year in a

row. It has stuck to its strategy of offering shampoos which are naturalproducts. Besides that it has added more variants to its Vatika range earlierit had only two variants but added root strengthening and hair fall controlshampoos.

Vatika also had a packaging makeover and extended the brand to hair oil aswell, which makes it a complete hair care brand.

The Rs 2,200-crore market for shampoos also includes Rs 600 crore ofantidandruff shampoos.

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

2d322e31000000000000000000000000000000000000000000000000000000

Hit by food inflation

In the case of CalvinKare, the slower growth in the shampoo market this fiscalwas due to the spiralling food inflation, which impinged on disposableincomes, as well as the delayed monsoons last year. The company's brands stillgrew better than the last year growth at 11 per cent the first three quarters ofthis fiscal bettered the8.1 per value growth in the comparable period last year (see table).Given the lion's share of the market HUL has, even though its growth wasslower than the others, its value share of the market only dropped marginally

from 46 per cent to 45.4 per cent. Dabur increased share from 5.6 per cent to6.2 per cent, while CavinKare too saw a marginal increase in share from 11.1

per cent to 11.2 per cent.

Still HUL leads the overall shampoo market with a 45.4% share. Clinic, itsbiggest brand, has approximately 34% share, followed by Sunsilk at 10.9%.Other hair-care brands from HULs basket include Lakme Hair Next at themass-premium level, Lux with a limited presence in the category and ayurvedic

brand Ayush which is sold through the companys direct selling arm.

The domestic shampoo market is majorly split into three distinct tiers by price.The top-end constitutes new entrant Dove, LOreal, P&Gs Pantene and Head& Shoulders, HLLs Sunsilk, LOreals Garnier Ultra Doux and DabursVatika. Average price points in this segment range from Rs 115-240 for 250-ml

bottles. While LOreal and now Dove are at the top of the heap, Pantene andHead & Shoulders occupy the next rung of pricing, followed closely bySunsilk, Vatika and Garnier Ultra Doux constituting the bulk of the market.


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HLLs Clinic Plus and P&Gs Rejoice are at the mid level (price points: Rs 55-60 for 200 ml), while low-tier brands include Ayur and Chik. Sachets at price

points of Rs 1, 2 and 3, meanwhile, continue their stronghold specially in semi-urban and rural markets.

The Dove hair-care range, positioned as `premium niche similar to its

soap variant, comprises shampoos, conditioners and leave-ons.

Future Research

This report aimed at broadly reviewing the hair care industry in India and its

growth pattern in the last few years. We have analyzed the hair care industry

as a whole under the framework of porters 5 forces analysis. We also have

covered different categories of products under hair care, their growth patterns

and the key industry players in each category. In the subsequent report, we

will come up with the consumer surveys, market innovations and the

segmentation, targeting and positioning framework for a new entrant to

invest and thrive in this particular industry.

References

F32ADB7B-0B84-44EF-9034-709BA74E7650-1-data monitor report on the

hair care sector in india

http://www.superbrands-news.com/2005/05/27/hair-colour-market-booms-

india.htm

http://www.reportbuyer.com/consumer_goods_retail/cosmetics_grooming/india

n_f mcg_industry_outlook_2013.html

http://www.equitymaster.com/research-it/sector-info/consprds/consprds-

products.html http://www.cosmeticsdesign.com/Products-

Markets/World-hair-care-market-victim-of-its-own-success

http://www.naukrihub.com/india/fmcg/overview/hair-care/ Global Industry

Analysts, Inc., (GIA) Hair Care Report

http://www.thehindubusinessline.com/2010/04/22/stories/2010042251110500.h


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tm

http://www.hinduonnet.com/businessline/iw/2001/01/21/stories/0521e051.htm

http://www.marico.com http://www.hul.co.in

Documents

-Hair-Care-Sector-Analysis.doc