D2C Beauty Startup Wow Skin Science Releases FY24 Results, Revenue At Rs 233.5 Cr, Losses Down by 24%

Wow Skin Science, a direct-to-consumer (D2C) cosmetics and personal care brand, reported another year of revenue decline in FY24.

According to the company’s most recent financial reports, operational revenue decreased by 9.6% to Rs 233.49 crore, from Rs 258.11 crore in FY23.

This is the second straight year of decreased revenue, following a 23% drop in FY23.

Wow Skin Science, founded in 2014 by Manish and Karan Chowdhary, sells its products through several channels, including retail stores, its own website, and major e-commerce platforms like Amazon, Flipkart, and Nykaa.

It includes brands such as WOW Skin Science, WOW Life Science, Body Cupid, and Nature Derma, as well as the recently released Colour Cupid cosmetics line. The company’s operations also include international development efforts, with shelf space secured at U.S. retail behemoths such as Walmart, Kroger, and CVS.

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Despite the decline in revenue, the company managed to reduce its net loss by almost 24%, to Rs 130.2 crore from Rs 213.5 crore the previous year.

The Bengaluru-based company reduced its losses by considerably cutting expenses. Total expenditure in FY24 was recorded at Rs 377 crore, down 22.4% from Rs 486 crore in FY23.

Advertising and promotional expenses fell by 46%, from Rs 200 crore to Rs 107 crore. However, while most costs fell, employee benefits expenses rose by 35% to Rs 53.5 crore.

Manish Chowdhary, cofounder of Wow Skin Science, stated, “Our key goal going ahead is to achieve sustainable long-term growth with a clear road to profitability. We expect to reduce losses further this fiscal year, with the goal of reaching near break-even in Q4 and achieving complete profitability in the coming year.”

Despite these strategic initiatives, the direct-to-consumer beauty and personal care business remains competitive. Wow Skin Science competes with MamaEarth, Minimalist, and more recent arrivals like Foxtale.

While Wow Skin’s income decreased, its competitors showed differing tendencies. For example, Jaipur-based Minimalist recorded an 89% increase in revenue to Rs 347 crore in FY24, while MamaEarth’s revenue hit Rs 1,920 crore with a net profit of Rs 147 crore.

“Domestically, we’ve seen substantial growth in modern trade and quick commerce channels, and we’re committed to doubling down on these avenues to drive future expansion,” Chowdhary told analysts.