Amway India CEO and MD William Pinckney in Calcutta on Friday. A Telegraph picture

Calcutta, Feb. 4: Amway India has targeted a Rs 700-crore turnover by the end of this fiscal (September to August 2005). The company had achieved a turnover of Rs 636 crore in 2003-04, which was a 10 per cent increase over the previous year.

CEO and managing director William Pinckney said he expects business to grow by 5-8 per cent this year.

The Indian direct selling market is estimated at Rs 2,300 crore and is growing at the rate of 30 per cent annually.

?We have established ourselves in the nutrition and wellness category in India and plan to consolidate our position in the cosmetics segment,? said Pinckney. ?With this aim we have launched Attitude, the premium range of India-specific products.?

The overall Indian cosmetic market is estimated at Rs 1,850 crore. Of this, the skin-care segment is around Rs 1,300 crore and colour-cosmetic segment Rs 550 crore.

?We have entered the Rs 325-crore premium skin-care segment. The key feature of the Attitude brand is that it has been customised for the Indian needs,? Pinckney said. ?Not only are the products indigenously branded and packaged, but also manufactured locally as against others that are outsourced from overseas.?

Amway already has the Artistry brand in the Rs 65-crore super-premium segment. ?With the premium product, we plan to tap the potential markets in the mini metros and larger towns across the country,? Pickney said. ?Currently, our reach is restricted to metros.?

Amway has invested Rs 151 crore in the Indian operations since its entry into the country in 1998. Its products fall under four categories ? nutrition and wellness, personal-care, home-care and cosmetics.

Pickney ruled out setting up the company?s own manufacturing facility in India. However, outsourced manufacturing operations would be further spruced up to increase the India-centric product mix, he added.