Marico aims to build FMCG's largest D2C business as distribution moats crumble
At Citi India Conference 2026, Chairman Harsh Mariwala said legacy distribution and advertising moats are eroding against digital-first 'Insurgent Brands.' Marico has set up a separate D2C structure to lead its categories online, while rivals HUL, Tata Consumer and ITC reshape similarly.
At Citi India Conference 2026, Marico Chairman Harsh Mariwala said FMCG distribution and advertising moats are crumbling against digital-first 'Insurgent Brands.' Marico built a separate D2C structure aiming to be largest in its categories; rivals HUL, Tata Consumer, ITC reshaping similarly.
Why this matters
Builds on Marico's view of India FMCG as a 'complex battleground' where small brands outpace giants, and follows high single-digit Q2 FY26 volume growth and a predicted FY26 rebound.
Omni-channel activity is steady with 464 signals in the last 90 days.