Pilgrim: Soar in Revenue or Cut to Profitability?

Founded in 2019, Pilgrim was a new player in the clean beauty space in India. With the goal of providing cruelty-free beauty products inspired by international beauty solutions and tailored to Indian aesthetics, Pilgrim’s chief executive officer had helped build a brand focused on sustainability and accessibility. Pilgrim’s revenues had increased from fiscal year 2022 to 2024, with the company showing a remarkable growth trajectory and garnering significant market attention and brand value in this overcrowded industry.

However, despite achieving remarkable growth in the previous year, Pilgrim faced significant challenges in 2024. The brand struggled with rising marketing costs and increased losses, with the financial strain prompting the chief executive officer to consider some critical decisions: Should he continue to pursue aggressive growth, banking on the brand’s rising popularity, or slow down and shift focus towards maintaining profitability now? He also needed to consider whether to prioritize expansion of retail spaces or enhance online sales. Finally, should he remain committed to pursuing Pilgrim’s sustainability initiatives and eco-conscious values, or consider offering mass-market products?