Divya Malpani, founder of Skinvest, shares her entrepreneurial journey and the vision behind the gender-neutral skincare brand. Recognizing the neglect of Indian skin needs by significant brands, Malpani embarked on Skinvest in 2020, focusing on innovation, gender neutrality, and dermatologist-formulated products. The tagline, “Your skin is your permanent home; invest in it,” reflects Skinvest’s commitment to long-term well-being and is mirrored in product development.
Skinvest’s USP lies in innovation, research-driven excellence, inclusivity, and challenging gender norms. Dermatologist partnerships ensure precision and extensive testing for effective formulations. Skinvest boasts a commendable repeat customer rate and global presence, overcoming challenges in a saturated market. Malpani emphasizes consumer education through content, social media, transparency, and expert collaborations.
Skinvest plans exciting product launches 2024, omnichannel expansion, and a global sales focus. Malpani advises aspiring entrepreneurs in the beauty industry to prioritize customer retention, a seamless online experience, and sustainable growth strategies. Skinvest’s success lies in its commitment to innovation, inclusivity, and educating consumers for confident skincare choices.
Q: Please tell us a bit about yourself and your journey as an entrepreneur in the skincare industry.
I’m from Sangamner, a small town in Maharashtra. I studied at Dhruv Global School until the 10th grade and went to Indius International School, Bangalore, for the IB Diploma program.
Later, I got a scholarship to Northeastern University in Boston, USA, where I earned a Bachelor’s in Business Administration, focusing on Marketing and Entrepreneurship.
I’ve always been interested in the beauty industry because I’ve struggled with skin issues. Even during my final year in college, I started working on Skinvest. It’s been almost two years since we launched, and we’ve grown a lot.
Q: What inspired you to start Skinvest? Were there specific challenges in the Indian skincare market that you aimed to address?
Skinvest’s journey started in 2020 while completing my undergraduate studies at Northeastern University, Boston. Interacting with friends of diverse skin types – Caucasian, Indian, Hispanic, and Black – revealed how products reacted differently.
It struck me that major skincare brands like Lakme, L’Oréal, Dove, etc., primarily catered to Caucasian skin, overlooking the unique needs of Indian skin, which is more sensitive and prone to pigmentation.
Furthermore, these brands often addressed concerns that didn’t align with the needs of the modern Indian youth. Additionally, skincare was unfortunately perceived as a feminine task, contributing to a skewed perception. This inspired me to launch a gender-neutral skincare brand, challenging the notion that skincare is exclusive to a particular gender.
Common skin issues like acne and stretch marks were prevalent, affecting the confidence of many. Skinvest aimed to shatter these stereotypes, focusing on gender neutrality and innovation. Innovation is embedded in every aspect of Skinvest – packaging, formulation, ingredients, or the overall concept.
We aim to establish new standards by delivering innovative, premium, high-quality, enjoyable, practical, vegan, and cruelty-free skincare products in India.
Philosophy Behind “Your Skin is Your Permanent Home”:
The tagline “Your skin is your permanent home; invest in it” is intriguing. Could you elaborate on the philosophy behind it and how it is reflected in Skinvest’s products?
The philosophy behind the tagline “Your skin is your permanent home; invest in it” stems from a profound belief in the significance of self-care and the enduring nature of our skin. This tagline encapsulates our commitment to fostering a deeper connection between individuals and their skin, emphasizing that our skin is not just a surface but a lifelong companion.
The philosophy unfolds in two key aspects:
Long-Term Well-being: Skinvest advocates for a holistic approach to skincare that goes beyond immediate concerns. We believe in nurturing the skin for the long term, acknowledging it as a permanent part of one’s identity. This involves encouraging individuals to invest time, care, and attention in understanding their skin’s unique needs and providing it with the support it requires to thrive.
Product Development: The philosophy is reflected in our product formulations. Each product is designed with a focus on long-term skin health. We prioritize ingredients that contribute to the skin’s overall well-being, aiming for solutions that address current issues and act as a preventive measure against future concerns. Our commitment is to provide products integral to a person’s enduring skincare routine.
The tagline captures the essence of Skinvest’s approach – an invitation to view skincare as an investment rather than a temporary fix. It underscores the importance of a sustained, caring relationship with our skin, mirroring our dedication to creating products that align with this vision.
Unique Selling Proposition (USP):
In a market, you are flooded with skincare products; what sets Skinvest apart? What is your unique selling proposition, and how do you ensure it resonates with the Indian consumer?
Innovation at the Core: Skinvest’s standout feature is our unwavering commitment to innovation across all facets of our products – formulation, packaging, or the very concept of the product itself. This distinctive approach sets us apart in an industry often saturated with conventional offerings, bringing fresh air to skincare. We’re not just about replicating the same old Vitamin C serums; we’re pioneers in forging new paths.
Research-Driven Excellence: Skinvest is more than a skincare brand; it’s a hub of research and development fueled by insights from surveys and focus groups. We delve into our target audience’s lifestyles and skin needs, addressing spoken and unspoken requirements. Our products are not just a response to what’s out there; they reflect your busy schedule, making skincare easy and accessible while seamlessly merging the realms of clinical effectiveness and incredible aesthetics.
Skincare for Everyone: Breaking gender norms, Skinvest proudly creates products for all genders, encouraging men to embrace skincare as an essential part of their routine. Investing in your skin is a universal need, and our products cater to diverse preferences while bridging the gap between gender-specific beauty standards.
Dermatologist Formulation:
Skinvest emphasizes products formulated by dermatologists. How do you collaborate with dermatologists, and how does this partnership contribute to the efficacy of your skincare range?
Expert Partnerships for Precision: Our collaboration with diverse dermatologists is at the heart of our product development strategy. Consider our Sunny Side Up Cookie and Cream Sunscreens – researchers and dermatologists from Stanford University crafted these innovations. Specifically focusing on the impact of sun damage on Indian skin, we’ve secured exclusivity in catering to the unique needs of Indian skin types.
Rigorous Testing for Perfection: We ensure an extensive testing period before any Skinvest product hits the market, especially our sunscreens. In this case, we diligently study the effects of various ingredient combinations on Indian skin for a minimum of 9 months. This rigorous approach guarantees that our formulations meet and exceed our diverse audience’s expectations, providing practical solutions backed by comprehensive research.
Challenges and Triumphs:
Every startup faces challenges. What have been the major hurdles in establishing Skinvest, and conversely, what are the proudest moments or triumphs in your entrepreneurial journey?
Navigating Challenges in a Saturated Market: Establishing Skinvest posed the typical challenges startups face, particularly in an industry as dynamic as skincare. The omnipresence of new skincare brands led to heightened market saturation and increased competition, inevitably raising customer acquisition costs. In the face of this, our focus on building brand loyalty has been vital. We have achieved a commendable repeat customer rate of 22% since our launch, which has been a testament to overcoming this challenge. Winning the esteemed Beauty and You awards, hosted by Lauder and Nykaa within six months of our launch, added a significant feather to our cap, boosting credibility and awareness. The market’s positive response to our new product launches further validated our product-to-market fit. Notably, Skinvest’s reach extends across India and globally, with a presence in over 16 countries through 40+ marketplaces.
Entrepreneurial Triumphs and Learning: Entrepreneurship brings a unique blend of challenges and triumphs. The ability to establish Skinvest not just nationally but globally stands as a testament to overcoming market penetration hurdles. However, the high minimum order quantity (MOQ) prevalent in the manufacturing industry has presented challenges. A notable observation in the Indian beauty industry is the prevalence of discount-driven consumer behaviour, which impacts purchasing patterns. Despite these hurdles, the journey has been enriching. Skinvest has become more than just a business; it’s a passion project. The joy of positive feedback, the continuous learning opportunities, and the ability to make decisions that align with our vision are some of the most fulfilling aspects. Every day brings a chance to succeed or learn, contributing to the dynamic and enriching entrepreneurial experience.
Consumer Education:
Skincare education is crucial. How does Skinvest contribute to educating consumers about the importance of skincare and choosing the right products?
At Skinvest, we prioritize skincare education through:
Informative Content:
Regular blogs and videos on skincare topics.
Social Media Engagement:
Tips, Q&A sessions, and community building.
Product Transparency:
Precise details on ingredients and usage.
Expert Collaborations:
Partnerships for diverse insights.
Customer Support:
Responsive assistance for queries.
Empowering our consumers with knowledge ensures confident and informed skincare choices.
Future of Skinvest:
What are your plans for Skinvest? Are there new products or initiatives in the pipeline that our readers should be excited about?
We are thrilled to announce the upcoming launch of innovative problem-solving products in 2024, adding an exciting dimension to Skinvest’s product lineup. As part of our expansion strategy, we are set to introduce our offerings in physical stores, embracing an omni-channel distribution approach. Furthermore, a heightened focus on global sales will be pivotal in bringing Skinvest’s cutting-edge solutions to a broader audience. Stay tuned for more groundbreaking products and an enhanced global presence in the coming year!
Entrepreneurial Advice:
Lastly, what advice would you offer for aspiring entrepreneurs in the beauty and skincare industry based on your experiences?
Emphasize the significance of bundles to drive a high Average Order Value (AOV) and ensure a seamless online experience through top-notch website UI/UX – your brand’s ultimate home and store. Instead of relying solely on online ads, especially on Meta, prioritize retention marketing from day one. Building a brand is a gradual process, and when executed thoughtfully, the outcome becomes incredibly rewarding. Define your growth strategy – whether sustainable and profitable or focusing on customer acquisition and revenue growth. Let these principles guide your decision-making, consistently revisiting your mission and vision statement for clarity and alignment throughout the journey.
SOCIAL MEDIA HANDLES:
Instagram: https://www.
LinkedIn: https://www.linkedin.com/in/
Website: https://skinvest.care/
