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The Delhi NCR-based brand is a leading homegrown player in India’s luxury beauty market. Yet, it struggles to close a 3x revenue gap with bigger rival Forest Essentials or make profits after a two-decade-long run.

The department store chain’s only growth engine is powered by distribution, not stores—raising questions about sustainability and profitability.
Back-to-back strong quarters have reset expectations for the beauty and personal care company. Has the Mamaearth parent truly left its troubled past behind?
In less than five years, BellaVita has become one of the biggest fragrance brands in India. This has given several others confidence to follow the same playbook and sell cheap perfumes disguised as luxury.