Hones Consumer Limited plans to introduce more brands in the beauty and personal care category. CEO Varun Alagh announced on Wednesday. Honasa currently owns six brands in the beauty and personal care category including Mamaearth and The Derma Co, plans to fill additional white spaces in the segment as average spending increases with income levels increasing.
Alagh told PTI, ”Beauty and Personal Care (BPC) continue to be the areas of focus for us. We continue to look at makeup and other parts of this segment to understand what are exciting categories, where we are not present.”
“Now with six brands in our portfolio, we do see us being able to capture a lot of those white spaces in these brands. But we also see a few white spaces where our current brands cannot participate and to capture those white spaces in the future, we might look at launching more brands as well,” Alagh added.
The company will choose organic routes to introduce its new brands and may even consider acquisitions if the opportunity presents itself.
Alagh however, did not disclose any details about the brands to-be launched or its products though.
On November 3, 2022 Moneycontrol had reported that Honasa turned profitable in FY 22, posting a net profit of close to Rs 20 crore. The firm also saw its revenue surge by 102 percent to Rs 952 crore in the fiscal compared to the year-ago period. In FY22, the company spent Rs 391 crore on advertising, while its cost of materials and employee benefit expenses increased to Rs 281 crore and nearly Rs 79 crore, respectively, the report added.
In the first half of the FY23 fiscal year, Honasa has reported Rs. 961 crore in revenue, through volume growth of 35 percent on YoY basis.