??Mamaearth Parent Honasa Forays Into Colour Cosmetics Space With The Launch Of ‘Staze’.
?? Summary:
Honasa Consumer, the parent company of D2C unicorn Mamaearth, ventures into the colour cosmetics segment with the introduction of a new brand, Staze. Targeting Indian women aged 18-24, Staze aims to offer quality products at affordable prices, filling a perceived gap in the Indian colour cosmetics market. The new brand, with an average price point of less than INR 300, will be a digital-first venture available on various platforms including Nykaa, Purplle, Amazon, and Flipkart.
?? Key Points:
- Staze, the latest addition to Honasa's brand portfolio, is strategically designed to cater to the needs of Gen Z consumers by offering value and innovation in the colour cosmetics segment.
- Created by a team of 43 beauty experts, including product specialists, dermatologists, and influencers, Staze emphasizes accessibility and quality in its product range.
- Honasa aims to capitalize on the substantial growth potential of the colour cosmetics market in India, which boasts a remarkable CAGR of 12% and a market size of INR 15,000 Cr.
- Staze's launch follows Honasa's recent foray into the personal wash space with the introduction of moisturizing lotion soaps, demonstrating the company's commitment to diversification and expansion.
?? Market Impact and Financial Performance:
- With the introduction of Staze, Honasa positions itself to compete with established players such as L’Oréal, Lakme, and SUGAR in the colour cosmetics segment.
- Founded in 2016, Honasa recently went public and reported a significant increase in net profit and operating revenue in Q3 FY24, reflecting its strong financial performance and market positioning.
- Brokerage firm Citi Research initiated coverage on Honasa with a 'BUY' rating and a price target of INR 550, underscoring investor confidence in the company's growth prospects.
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