BELO-led Intelligent Skin Care Inc., (ISCI) is aiming to hit double-digit growth this year, as Filipinos’ spending on beauty and skin care products remain strong.
The company also remains confident of hitting growth targets despite the influx of cheaper beauty and skin products from Asean markets.
“We understand there is a threat (in terms of competition) but we are the company who understands the Filipino skin better. The long-standing presence of Belo as a skin care expert now equates to beauty and we have already earned the trust and confidence of the market,” said Lerma Mendoza, marketing manager of ISCI in a press conference last Friday.
ISCI is the retail company founded by Dr. Victoria Belo, medical director of the Belo Medical Group. It makes the Belo Essential products.
Last year, the company posted a 20 percent growth, a significant leap from the 14 percent growth it logged in 2013 said Allan Roel Ardosa, the firm’s national sales manager.
“We are aiming for higher growth this year,” he said.
Of the five Belo brands under ISCI, the whitening segment remains the strongest since 2007.
This led the firm to introduce last year its Belo Kojic line, the firm’s intensive whitening product line. It also introduced Belo Essentials AcnePro, an anti-acne line.
At present Belo products are available abroad in areas where there is a high concentration of Filipino communities in the Middle East, North America, Africa and Asia such as Singapore, Malaysia and Brunei. The firm has a total of 48 product lines that cater to different market segments.
Mendoza noted the sustained growth of beauty and skin care retail reflects its high growth potential in the future, as consumers continually invest in beauty and skin care regimens and make them part of their lifestyle.
Banking on this growth factor, she assured that the company will continue to innovate and renovate their products to stay relevant in the market.
“It’s a tough competition out there but Belo as a brand is continually investing in research and development,” Mendoza said.
“The integration should not be seen as a threat but opportunity,” said Dr. Victoria Belo, in a previous interview. “In our case, we remain confident and excited because Asean integration will open more market opportunities such as making the entire Asean Belo-fied.”
Market research firm Euromonitor said, in its latest report, that beauty and personal care in the Philippines will experience moderate growth in the medium term.
The report said the growing economy in the Philippines is expected to create a backdrop conducive to the expansion of beauty and personal care products.
Manufacturers are projected to maintain their bringing in of more products into the market and pushing their brands through more creative promotional campaigns via traditional and online media.
On the consumer side, the growing number of young professionals in urban areas will continue to create a pool of more adventurous buyers who are more willing to try new offerings, demanding more product benefits, and spending more to improve their looks.