Honasa said that the launch of the new product line is aimed at filling a “critical gap” in the colour cosmetics market in India
The parent company of Mamaearth said that Staze will target Indian women in the age group of 18-24, with an average price of less than INR 300
The new launch comes days after the company forayed into the personal wash space with the launch of moisturising lotion soaps
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D2C unicorn Mamaearth’s parent, Honasa Consumer, has forayed into the colour cosmetics segment with the launch of a new brand, Staze.
In a statement, the company said that the launch of the new product line is aimed at filling a “critical gap” in the colour cosmetics market in India.
The listed D2C unicorn said that the new brand will target Indian women in the age group of 18-24 and offer “quality” products at accessible price points. It also claimed that the products under the new range have an average pricing of less than INR 300.
Honasa said that Staze has been created by a team of 43 beauty experts, including product specialists, dermatologists, and influencers. As per the company, Staze will be a digital-first brand and will be available on its own website and other marketplaces, including Nykaa, Purplle, Amazon, and Flipkart.
“With the colour cosmetics segment boasting a remarkable CAGR of 12% and a substantial size of INR 15,000 Cr, it became evident that there was a gap in the market. These factors paved the way for Staze, which represents a strategic move for Honasa’s unique house of brand strategy to enter the colour cosmetics market,” said Honasa chairman and CEO Varun Alagh.
Chiming in, Mamaearth cofounder and chief innovation officer at Honasa Ghazal Alagh said, “We firmly believe that Gen Z consumers are seeking value and innovation, and Staze is uniquely positioned to meet and exceed their expectations”.
Staze is the latest addition to Honasa’s house of brands, which also includes names such as The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr. Sheths. The new launch comes days after the company forayed into the personal wash space with the launch of moisturising lotion soaps.
In the colour cosmetics space, the company will now take on giants such as L’Oréal, Lakme, and SUGAR.
Founded in 2016 by the husband-wife duo Varun and Ghazal Alagh, Honasa went public last year. It clocked a net profit of INR 25.9 Cr in the quarter ended December (Q3) FY24, up 264% from INR 7.1 Cr in Q3 FY23. Operating revenue surged 28% year-on-year (YoY) to INR 488.2 Cr during the same period.
On the back of these positive financial results, brokerage firm Citi Research, in February, initiated coverage on Honasa with a ‘BUY’ rating and a price target of INR 550.
Shares of Honasa Consumer closed the trading session 1.54% higher at INR 402.00 on the BSE on Thursday (March 28).
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