Pureplay Skin Sciences Limited, the parent company of beauty brand Plum, reported a significant increase in revenue during the 2023 financial year, rising to Rs 322.3 crore, marking a 71.3% growth compared to the previous year. However, the company also faced higher net losses, which increased by 66% to Rs 52.9 crore during the same period.
In the previous financial year of 2022, Plum had generated a revenue of Rs 188.1 crore, mainly through product sales on its online platform. At that time, the brand had incurred net losses amounting to Rs 31.8 crore, as reported by ET Retail.
The company’s expenses notably rose in the 2023 fiscal, reaching Rs 375.5 crore, a significant increase from Rs 218.7 crore in the previous year. Among these expenses, a substantial portion, approximately 42.7%, was attributed to advertising and promotions, totaling Rs 160.5 crore, as per ET Bureau. Additionally, Plum incurred costs of Rs 31.2 crore towards employee benefits, Rs 20.8 crore in information technology, and Rs 13 crore in transport expenses.
Founded by Shankar Prasad in 2013, Plum is known for its toxin-free and vegan beauty, skincare, personal care, and haircare products. The brand sells its products through its online store and physical outlets in various cities across India, including Bengaluru, Mumbai, Kolkata, Lucknow, and Udaipur, among others.
