Honasa stated that the launch of the new product line is intended to fill a “critical gap” in the color cosmetics market in India. Mamaearth’s parent firm stated that Staze will target Indian women aged 18 to 24, with an average price of less than INR 300. The new launch comes days after the business entered the personal wash area with the launch of moisturising lotion soaps.
Honasa Consumer, the parent company of D2C unicorn Mamaearth, has entered the colour cosmetics market with the launch of its new brand, Staze.
In a statement, the business stated that the new product line is intended to fill a “critical gap” in India’s colour cosmetics industry.
The listed D2C unicorn stated that the new brand will target Indian women aged 18-24 and deliver “quality” products at affordable prices. Additionally, it stated that the new assortment of products has an average price of less than INR 300.
Honasa stated that Staze was designed by a group of 43 beauty experts, including product specialists, dermatologists, and influencers. According to the company, Staze will be a digital-first brand, available on its own website as well as other marketplaces such as Nykaa, Purplle, Amazon, and Flipkart.
According to Inc42, “With the color cosmetics industry boasting a phenomenal CAGR of 12% and a significant size of INR 15,000 Cr, it became clear that there was a market gap. These considerations paved the path for Staze, which is a strategic move for Honasa’s distinct house of brand strategy to enter the color cosmetics sector,” stated Honasa chairman and CEO Varun Alagh.
Ghazal Alagh, Mamaearth co-founder and chief innovation officer of Honasa, commented, “We truly believe that Gen Z customers are demanding value and innovation, and Staze is well positioned to meet and surpass these expectations.
Staze is the latest addition to Honasa’s brand portfolio, which also includes The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr. Sheths. The latest launch comes only days after the business entered the personal care market with the introduction of moisturising lotion soaps.
The brand’s initial collection, Staze 9to9, features unique C-Lock technology that promises 12-hour wearability. The color-lock technology binds with pigments, forming an impermeable coating against environmental variables such as oil, sweat, and water, resulting in unrivaled color payoff and protection, it stated.
Staze also launched there three-in-one bullet lipstick with three distinct shades in one handy package, priced at Rs 449. The brand will now compete with industry titans such as L’Oréal, Lakme, and SUGAR in the color cosmetics category.
Honasa was founded in 2016 by Varun and Ghazal Alagh, a husband and wife team, and went public last year. It made a net profit of INR 25.9 crore in the quarter ending December (Q3) FY24, up 264% from INR 7.1 crore in Q3 FY23. Operating revenue increased 28% year on year (YoY) to INR 488.2 crore during the same period.
Brokerage company Citi Research began covering Honasa in February with a “BUY” rating and a price objective of INR 550 in response to these encouraging financial results.
Honasa Consumer shares closed 1.54% higher on Thursday (March 28) at INR 402.00 on the BSE.
