In an exclusive conversation, PAC Cosmetics Founder & Director Bonish Jain discusses bootstrapped growth, retail expansion, product innovation and why Indian beauty brands are entering a defining decade
India’s beauty market is becoming more competitive, more trend-driven and more consumer-aware than ever before. Amid a wave of heavily funded direct-to-consumer challengers, PAC Cosmetics has quietly built a Rs 100 crore business through a bootstrapped model rooted in profitability, product quality and steady growth.
In conversation with BW Retail World, Bonish Jain, Founder & Director, PAC Cosmetics, speaks about scaling sustainably, winning consumer trust, the rise of skin-first makeup and why Indian beauty brands now have a global opportunity.
Building a bootstrapped company to that scale is rare. How did you achieve it?
One of the conscious decisions we made early on was not to chase growth at any cost. We focused instead on sustainable expansion—growing step by step while ensuring product quality remained consistent.
Patience, disciplined execution and continuous product innovation helped us stay on course. Most importantly, profitability was our first principle. We were clear that we would not drive growth through unsustainable losses. That may have slowed our pace versus some newer brands, but it gave us a stronger foundation.
The brand has reportedly delivered around 30 per cent year-on-year growth. What has driven that momentum?
A large part of our growth has come from product-led trust. When consumers genuinely love a product, they talk about it, recommend it and return to buy again. That word-of-mouth has been extremely powerful for us.
We have also received consistent support from the professional makeup community, which adds credibility. Going forward, growth becomes harder as the market gets more crowded, but we intend to maintain steady momentum through wider reach, stronger retail presence and continued product excellence.
Consumers today are far more informed. How has that changed beauty marketing?
Consumers are definitely more aware. They research ingredients, finishes, product benefits and global trends. That said, there are still different layers to the market, especially in tier-II and tier-III cities, where endorsements can influence trust and discovery.
We have deliberately not rushed into celebrity endorsements. We are watching how consumer behaviour evolves. If audiences continue to prefer authenticity over celebrity association, we will continue building through influencers, community engagement and direct relationships with consumers.
PAC began as a professional-first brand and later expanded to everyday consumers. How did you manage that transition without losing credibility?
Starting with professionals was a major advantage. Makeup artists have access to countless brands, so when they choose and recommend your products, it sends a strong signal to the market.
Once professionals trusted PAC, everyday consumers followed. They saw that the products delivered results in demanding environments. That credibility took time to build, but what we are seeing today is the outcome of those early years of trust-building.
The beauty market is now crowded with heavily funded players. How do you sustain growth while remaining bootstrapped?
It is more challenging now because funded brands often have much larger marketing budgets and can scale faster. But we are comfortable playing the long game.
We may look slower compared with some competitors, but we know where we are headed. Instead of overspending on customer acquisition, we focus on improving product presentation, expanding retail visibility and ensuring consumers can experience the brand physically. That creates more durable growth.
PAC already has a strong online presence. Is offline retail the next big focus?
Absolutely. Retail expansion is a key priority this year. We are increasing our presence with Nykaa stores and expect to be in around 50–60 locations. We are also evaluating company-owned, company-operated stores in major cities.
Offline retail allows us to engage directly with consumers. Beauty is a tactile category—people want to see shades, feel textures and test products. That experience can significantly strengthen brand conversion and loyalty.
What product trends are shaping your 2026 roadmap?
Skinification of makeup is a major trend. Consumers increasingly want makeup products that also deliver skincare benefits.
We are exploring SPF-led formats, skin tints and lightweight complexion products suited to Indian weather. Today’s consumer often prefers a natural, breathable look over heavy coverage. Products that combine skincare, sun protection and light makeup benefits will continue gaining traction.
Beyond revenue, what will define PAC’s success over the next three years?
Recognition as one of India’s leading beauty brands is important to us. We also want to expand globally and show that an Indian beauty brand can earn trust internationally.
At home, success will mean being loved by both professionals and everyday consumers, maintaining strong quality at accessible prices, and staying relevant with younger audiences such as Gen Z.
How do you decide which beauty trends to follow and which to ignore?
We look at whether a trend genuinely improves the consumer experience. If it helps makeup perform better, simplifies routines or solves a real need, it has long-term value.
For example, primers evolved into an essential category because consumers understood the benefit. Similarly, skin tints have everyday relevance. On the other hand, some colour or texture trends are cyclical.
Roughly 80 per cent of our portfolio focuses on long-term essentials, while 20 per cent is dedicated to trend-led innovation where we can move quickly.
Where do you see PAC Cosmetics in the next three to five years?
From a revenue perspective, we would like to double from current levels. In retail, we aim to scale from a small base today to around 100 locations, with 12–15 company-operated stores across major cities.
Global expansion is also important because it signals that an Indian brand has built something credible for a wider audience. But beyond numbers, what truly drives us is consumer feedback—when someone says a product changed their routine or made them feel more confident, that is the biggest reward.
