Mohit Goyal, Co-Founder of Swiss Beauty, is a trailblazer in India’s beauty and cosmetics industry. With an entrepreneurial vision fueled by innovation and inclusivity, he co-founded Swiss Beauty in 2013 to bridge the gap between high-quality and affordable cosmetics tailored to the diverse needs of Indian consumers. Under his leadership, the brand has grown from humble beginnings to becoming a household name, boasting an impressive portfolio of over 1,500 SKUs and a revenue run rate of ₹400 crore.
Mr. Goyal’s commitment to excellence and customer-centricity has not only positioned Swiss Beauty as a formidable competitor in a market dominated by global brands but also as a leader in driving cultural shifts—whether it’s promoting inclusivity in beauty or advocating for sustainability and cruelty-free practices. From introducing cutting-edge products infused with skincare benefits to normalizing makeup for men, his progressive approach continues to redefine beauty standards in India.
In this exclusive interview, Mr. Goyal shares his journey, the challenges he faced, the milestones he’s most proud of, and his vision for the future of Swiss Beauty in the ever-evolving beauty landscape.
What inspired you to start Swiss Beauty in 2013, and how did you identify the gap in the market for high-quality, affordable cosmetics?
We observed a noticeable absence of high-quality, affordable cosmetics that catered to the diverse range of Indian skin tones and preferences. The Indian makeup landscape was polarized then. There were costly luxury brands that were not always accessible or affordable on one hand and brands that comprocmised on quality on the other. This is when we decided to establish a bridge to this gap with Swiss Beauty. We initiated the brand in 2013 to provide Indian consumers with a compelling alternative – a high-functioning, comfortable, and aspirational makeup brand that offered exceptional quality at an affordable price point.
Swiss Beauty’s diverse product range is carefully crafted to cater to the varied Indian skin tones. We wanted to ensure that everyone can find products complementing their unique beauty because we firmly believe in celebrating the uniqueness of every Indian and their ability to exude confidence and individuality. Also, we envisioned offering a comprehensive range of products catering to premium and professional needs, focusing on color cosmetics.
Over the years, as consumers recognized the value proposition of high-quality makeup at an affordable price, the acceptability and popularity of our brand products steadily increased. Today, a decade after its inception, Swiss Beauty has achieved remarkable success with an Annual Run Rate of Rs. 400 crore, steadily progressing towards Rs 500 crore.
Can you share some of the significant challenges you faced during the early days of Swiss Beauty and how you overcame them?
During the early days of Swiss Beauty, we faced challenges in building trust and acceptance for our products in the Indian market. As a new beauty brand, we needed to gain consumers' confidence and connect with our target audience. We overcame this through our consistent dedication to serving customers with high-quality products. By prioritizing product excellence and delivering on our promises, we gradually built a reputation for Swiss Beauty as a reliable and trustworthy brand.
Also, being a 100% bootstrapped brand without external funding presented its challenges. We had to strategically manage our growth and expansion with limited resources. We focused on building a strong foundation and reinvesting our profits to develop our product line further and expand our reach. Through careful planning and a disciplined approach, we successfully navigated the early days and paved the way for Swiss Beauty's growth.
Looking back at the past decade, what are some of the key milestones and achievements that you are most proud of?
Our biggest milestone is our wide range of products. We now offer the widest selection of color cosmetics, covering all categories and sub-categories imaginable, with an impressive portfolio of 1,500 SKUs. Crossing the milestone of 1,000 products was a significant moment for us.
Secondly, achieving a revenue of Rs. 400 crores while being a 100% bootstrapped brand without any external venture capital funding was an achievement. Another recent milestone that fills me with pride is onboarding the talented actress Taapsee Pannu as our brand ambassador. Remarkably, a brand with such humble beginnings is prominently featured across outdoor media and online portals. Lastly, our widespread availability across over 25,000 retail touchpoints is a significant milestone that has expanded our reach and accessibility to customers nationwide. This extensive retail presence is a direct result of our continuous efforts to meet the diverse needs of our consumers.
How do you ensure that Swiss Beauty stays in tune with the evolving needs and expectations of your customers?
We’ve come a long way by focusing on meeting the highest product quality and safety standards. Nowadays, consumers have become increasingly conscious about their product choices. They appreciate brands with a mindful approach to innovation, marketing, and brand ethos. Most consumers now expect transparency regarding sourced ingredients, shelf life, cruelty-free testing practices, and more. The brand and its customers feel a stronger connection when these parameters are fulfilled. At Swiss Beauty, we’ve always prioritized listening to customer feedback and responding with customized products tailored to their demands. This has helped us build a strong consumer trust in our brand. We are continuously adapting and evolving our products and practices to meet our valued customers' changing needs and expectations. We strive to maintain our position as a trusted and respected brand in the industry through open communication, responsiveness, and a dedication to excellence.
How important is customer feedback in your product development process, and can you share an example of a product that was improved based on customer input?
Customer feedback is crucial in our product development process at Swiss Beauty. For example, in addition to our new product development team’s intensive research, many of our customers requested a multi-chrome product and an eyeliner that they could wear both day and night and yet stand out. To cater to this demand, we introduced our holographic eyeliner range.
With the growing trend of skincare, how does Swiss Beauty incorporate skincare into its product lineup, and what makes your skincare products stand out?
We actively integrate skincare benefits into our makeup products to meet the growing demand for multi-functional cosmetics. We infuse our makeup range with nourishing ingredients that hydrate and promote skin health. Also, we are exploring expansion into complementary categories like mists and fragrances. At the same time, we are working to expand our portfolio to include skin-led products that seamlessly blend skincare and makeup benefits. For instance, we are developing sunscreens with a tint, offering broad-spectrum sun protection while imparting a subtle, natural-looking glow to the complexion. This approach ensures that our customers can enjoy the benefits of both skincare and makeup in a single, convenient product.
Last year, we introduced the Pro Primer with vitamin C. It is an excellent makeup primer that prepares the skin for flawless makeup application and has the antioxidant properties of Vitamin C to protect and nourish the skin. Another product is our airbrush foundation, which contains the goodness of hyaluronic acid. It helps to keep the skin hydrated, plump, radiant, and youthful, even under makeup. By incorporating high-quality, skin-benefiting ingredients like vitamin C and hyaluronic acid, we enable our customers to achieve a flawless look while nourishing and protecting their skin.
In today’s eco-conscious market, how does Swiss Beauty ensure its products are sustainable and cruelty-free?
Since the consumers have evolved, so has the beauty industry. We understand that conscious consumers want alternatives to traditional makeup brands that test on animals or use animal ingredients. Swiss Beauty takes a strong stance against animal cruelty and supports sustainable practices. We align our beauty products with ethical values.
Our cruelty-free and vegan formulations deliver great results and exhibit our dedication to animal and environmental welfare. We focus on sustainability and ethical practices, from sourcing ingredients to manufacturing and packaging. Swiss Beauty is officially certified by PETA as an animal-test-free and vegan brand. This certification clearly demonstrates our commitment to this important cause. We believe conscious consumers can enjoy makeup without compromising their values, and we strive to offer products that uphold this principle.
You mentioned plans to introduce new categories like body care and grooming tools. Can you give us a sneak peek into what consumers can expect?
We are working on multiple projects simultaneously. For now, keep an eye on our new launches. There’s some exciting lineup ahead.
On a personal note, what are your favourite Swiss Beauty products and why?
We have multiple best-selling products across categories. Our Liquid Concealer is an absolute gem, selling every 30 seconds, which speaks volumes about its popularity and effectiveness. Its ability to conceal imperfections seamlessly and provide a flawless, natural-looking finish is truly impressive. On the other hand, makeup palettes have emerged as top sellers in online and offline markets, and it's easy to see why. These palettes offer a wide range of carefully curated shades, allowing for endless possibilities when creating beautiful, personalized looks. The pigmentation and bendability of the shadows are exceptional.
I also have a soft spot for the Makeup Fixer, Colored Eyeliners, Plump-up Lip Gloss, and HD Matte Lipstick. During festive seasons, the makeup kits and combos from Swiss Beauty are an absolute must-have. These curated collections offer a variety of products, making them perfect for experimentation or as thoughtful gifts for loved ones.
What advice would you give to aspiring entrepreneurs in the beauty and cosmetics industry?
For those aspiring to become entrepreneurs in the beauty and cosmetics industry, focus on making high-quality products and listening closely to your customers. It is a competitive industry. Therefore, it's important to develop excellent products. Understand the diverse needs of your target customers and create products that truly stand out. Also, make it a top priority to innovate and continuously improve your products based on customer feedback. A strategic expansion plan is also crucial for growing your business steadily over time for long-term success.
Most importantly, always strive to deliver superior products that meet or exceed customer expectations. Provide excellent customer service by being attentive and responsive to your customers' needs. By combining great products with effective customer service, you can build a loyal customer base and a strong reputation, which is essential for success in the competitive beauty and cosmetics market.
What cultural shifts have you observed regarding men and makeup in India, and how is Swiss Beauty contributing to this change? <taken internally>
Modern beauty trends are currently changing the Indian market, and men's cosmetics, in particular, are becoming much more popular. International brands have been running social media campaigns to promote makeup products for men. At the same time, Indian brands also focus on being inclusive and offering products for men. There has been a rise in male influencers promoting and using makeup. It has created a space for men with similar interests who want to explore makeup. All these efforts have helped to create a more open and accepting mindset towards men using makeup.
Swiss Beauty is contributing to this cultural shift by offering gender-neutral makeup products. We are working towards normalizing the idea of men wearing makeup in India. Our marketing campaigns and collaborations with influencers empower men to express themselves without fear or stigma.
How would Swiss Beauty address the social stigma associated with men wearing makeup, especially in more conservative areas?
Last year, we developed a “#GlassItGlossIt.” campaign to address the social stigma associated with men wearing makeup. It was an attempt to promote diversity and inclusivity in the beauty industry. Transgender models Ojas Rajani and Nitasha Biswas were featured in the campaign, along with male and female models. By showcasing a wide range of beauty standards that include every gender, skin tone, and shade, we challenged the traditional societal norms.
Our #GlassItGlossIt campaign celebrates the uniqueness of every individual, irrespective of gender or sexual orientation. It was like a reflection of our brand. In our marketing initiative, we embraced all forms of beauty and encouraged a more accepting and open-minded view of men wearing makeup. Through these efforts, Swiss Beauty aims to break down barriers and redefine what beauty means in today's world.
Your "GlassitGlossit" campaign aimed to increase acceptance of makeup inclusivity. What has been the response to this initiative, and how do you see the future of men's makeup in India?
We received an overwhelmingly positive response to the campaign. Many individuals shared encouraging feedback with us and appreciated our push towards a more inclusive beauty standard. Men’s makeup is gradually gaining popularity, and our “GlassItGlossIt.” initiative has significantly increased its acceptance. The campaign marks just the beginning of Swiss Beauty's journey to promote inclusive beauty for all individuals.
We see a promising future for men's makeup in India. The growing acceptance and enthusiasm around this movement suggest that more people embrace the idea that makeup is for everyone, regardless of gender. Swiss Beauty will keep advocating for this inclusivity, working towards a world where beauty knows no boundaries.
What challenges have you faced in breaking down the barriers for gender-neutral makeup in India, and how have you addressed them?
One of the biggest barriers is that makeup for men is considered taboo. We’ve been creating conversations about how makeup is not just for women and how men can use it to uplift their looks.
What trends do you see emerging in the gender-neutral makeup market, and how is Swiss Beauty positioned to capitalize on these trends?
We're seeing a shift towards makeup that works for everyone. Makeup products like concealers, fixers, and lip glosses are gender-neutral, and the foundation that doubles as skincare is leading this trend. At Swiss Beauty, we're ahead of the curve. Our latest Swiss Beauty Select line blends makeup with skincare, giving our customers the best of both worlds. We're all about products that make you look and feel good, regardless of gender.
Are there any specific makeup products or skincare lines that Swiss Beauty is developing exclusively for other genders?
Our makeup is gender inclusive, and we don’t want to limit our customers by launching products that are only available to a select few.
Are you collaborating with male influencers or celebrities to promote makeup for men, and how have these partnerships impacted your brand?
Of course, we constantly partner with brands to promote makeup for men. We've teamed up with popular influencers like Ankush Bahuguna and Sahil. These collaborations and partnerships with brands like The Man Company have helped us reach a wider audience and break down stereotypes. We're seeing more men embrace makeup as a form of self-expression, and these partnerships have been crucial in normalizing this trend.
Can you share any personal stories or testimonials from male customers who have had a positive experience with Swiss Beauty products?
We've received positive feedback from our male customers. Many have shared how our concealers, blushes, and primers have helped them achieve flawless and good-looking skin during professional and personal occasions.
What is your long-term vision for men and makeup in India, and how does Swiss Beauty plan to be at the forefront of this movement?
We have always been an inclusive brand. From collaborating with popular male influencers like Ankush Bahuguna to launching product films that include men and women, inclusivity is at the core of Swiss Beauty. As time progresses, we will see more men using makeup, and the idea that it is taboo for men will slowly fade away.
How has Swiss Beauty carved a niche in a market dominated by established brands like Maybelline and Lakme?
Firstly, high-quality cosmetics at affordable prices have been a significant leverage for us. In a market where the average cost of lipstick is significantly higher, Swiss Beauty's prices are affordable. Our eyeshadows start at just Rs 200, compared to other brands' Rs 600 starting price. By ensuring quality and affordability work as parallels, we ensure that high-quality beauty products are accessible to a larger audience.
Our products are known for their excellent results, which has helped us build a loyal customer base. This balance of affordability and quality gives us a distinct advantage in the market.
Moreover, we focused on a wider reach for Swiss Beauty. We have a robust online presence and are available in 7,000 outlets across 200 cities in India, with plans to expand to 10,000 outlets. This extensive distribution network allows us to serve customers in tier 2 and 3 cities with a growing demand for affordable beauty products. By making our offerings accessible to these areas, we cater to a broader audience. This strategy increases our market share and fulfills our commitment to making beauty accessible to all.