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According to Nitin Passi, the brothers are third generation in the same industry and happen to be second generation at Lotus Herbals, the company their father started. According to them, beauty DNA is in their blood. Growing up, both brothers listened to all the chatter that was going on at the dinner table. How Indian children pick up on the nuances of the family business is part of the family conversation. Their vacation meant visiting manufacturing plants and witnessing where all the activity used to take place. According to Dipin Passi, “We saw all the manufacturing, processing, filling and packaging, and we also participated in marketing meetings and design meetings. At that time, our office and manufacturing facility combined.” As a mere spectator, I was able to observe the nature of business.
Mr. Nitin remembers drafting some business letters. Exporting was an important part of the beauty brand, so I helped my father with the internet.
After graduating, Nitin went to the United States for an MBA and worked as a consultant at Deloitte. Nitin said: I myself had met his father and grandfather earlier, so I knew I had to go back and work. ” In 2003, Nitin joined the family business.
Dipin first entered the business in 1999, but rejoined the company in 2001 after completing an MBA in the United States.
When they joined the company, the business was not highly structured and process oriented. Thus, both brothers found their own ways in the family business. They had to deal with resistance to change from old workers and try to convince them of new ways of working. AS Nitin said: “A lot of people didn’t take us too seriously because they think you’re descended from the founder. But the risk of failure is so high that you have to be very careful. Eventually, seeing over a period of time that they have the right skill set and ability to execute, they start taking their siblings seriously. There’s a reason.Because you have to prove yourself, the burden of proving yourself becomes even greater.
When Nitin joined the business, it reported domestic sales of Rs 7.8 crore. Last year’s financial year ended at SEK 552.42. According to Nitin, what we have maintained and are still trying to maintain is culture. As such, being a privately held company owned by a few owners has significant advantages. Covid brought all traditional businesses to unlock the power of online, but the company is now harnessing the power of the Metaverse and AI. Data analysis and human resource development as a beauty company will be clarified with new age technology. We train nearly 25,000 beauticians for professional skincare brands each year and are exploring educational opportunities. In the offline world, he has spread its presence to over 150,000 stores and over 15,000 spas and beauty salons.
After building their own Covid, the brothers were given time to think about new brands through partnerships and acquisitions. The company expanded into the luxury Ayurvedic holistic beauty and wellness category with the acquisition of his SoulTree in September 2020. In October 2021, Lotus Herbals acquired his Fixderma India Pvt. Ltd., Dermaceuticals owner of his Fixderma and FCL brands. In January 2022, Lotus Herbals acquired his 25% stake in New Age Conscious Chemist. Clean beauty, direct-to-consumer brand. Regarding future acquisitions, Nitin said: It is a company that continues to see these startups not only in India but also internationally. ”
- Lotus Professional currently serves 200 cities through over 300 distributors
- A network of over 150,000 outlets and over 15,000 spas and beauty salons
- Present in 16 countries