Plum sees revenue jump 71% in FY23 as net losses widen

Beauty brand Plum’s parent company Pureplay Skin Sciences Limited reported a 71.3% year-on-year increase in revenue in the 2023 financial year to total Rs 322.3 crore. The business’ net losses increased by 66% in the same time period to reach Rs 52.9 crore. 

In the 2022 financial year, Plum’s revenue totalled Rs 188.1 crore and the Mumbai-based saw the main part of its income come from product sales on its e-commerce platform. Plum’s net losses had totalled Rs 31.8 crore in the 2022 fiscal, ET Retail reported. 
 
The business saw its expenses rise significantly in the 2023 financial year, reaching Rs 375.5 crore compared to Rs 218.7 crore in the 2022 financial year. Out of its total expenses, advertising and promotions made up 42.7% and totalled Rs 160.5 crore, ET Bureau reported. Plum’s employee benefits totalled Rs 31.2 crore and its information technology costs were at Rs 20.8 crore while transport costs were at Rs 13 crore. 

Shankar Prasad launched Plum in 2013 as a toxin-free and vegan cosmetics, skincare, personal care, and haircare brand, according to its website. The brand retails from its direct to customer e-commerce store and brick-and-mortar outlets across India in locations including Bengaluru, Mumbai, Kolkata, Lucknow, and Udaipur among others.