According to media reports, direct-to-consumer beauty brand Wow Skin Science experienced another revenue decline in FY24, with its operating revenue falling by 9.6 per cent to Rs 233.49 crore, down from Rs 258.11 crore in FY23. This marks the second consecutive year of decreased revenue, following a 23 per cent decline in the previous year.
As per media reports, Wow Skin Science cut its net loss by 24 per cent to Rs 130.2 crore from Rs 213.5 crore last year. This improvement is attributed to cost reduction efforts, which brought total expenditures down by 22.4 per cent to Rs 377 crore, compared to Rs 486 crore in FY23.
According to media reports, advertising and promotional costs saw a significant reduction, dropping by 46 per cent to Rs 107 crore. However, employee benefits expenses rose by 35 per cent, reaching Rs 53.5 crore. “Our primary focus moving forward is achieving sustainable long-term growth with a clear path to profitability," co-founder Manish Chowdhary noted, as per media reports.
Founded in 2014, Wow Skin Science, according to media reports, operates across multiple channels, including its website, offline stores, and e-commerce giants like Amazon, Flipkart, and Nykaa. The company has also expanded internationally, with shelf space in major U.S. retailers like Walmart and CVS.
