Honasa Consumer Ltd, the umbrella company behind the D2C unicorn Mamaearth, has introduced moisturizing lotion soaps, signaling its entry into the personal wash sector.
Mamaearth said in a statement that the products boast Made-Safe certification, along with a non-drying formula.
Furthermore, the new lineup of moisturizing lotion soaps will be offered in four variations: Ubtan, Vitamin C, Multani Mitti, and Neem.
The brand’s venture into this sector signifies a significant stride towards its goal of offering safe, efficient, and toxin-free products for consumers nationwide, the statement elaborated.
Ghazal Alagh, cofounder and chief innovation officer, Honasa Consumer, said, “The lack of innovation in the personal wash category has been a challenge for the category, particularly given the constant demand for natural, eco-friendly, and safer alternatives, without compromising on the efficacy. With this launch, we are solving the need for a soap that deeply cleanses and does not dry the skin.”
While the personal care sector has witnessed substantial research and development, the personal wash category has experienced limited innovation in recent times. The majority of products contain chemicals and synthetic ingredients, predominantly falling under grade 2 and 3. However, there are only a handful of grade 1 offerings, prompting Mamaearth to address this gap through its latest venture.
Continue Exploring: Nuvama analysts bullish on Mamaearth for MSCI Smallcap Index, Nykaa gaining momentum for Global Standard Index
Mamaearth stated that its personal wash products are packaged using recyclable materials to promote a greener impact and can be purchased online or at specific retail outlets in India.
Established in 2016 by the couple Varun and Ghazal Alagh, Mamaearth specializes in offering a variety of beauty and personal care (BPC) products spanning hair care, body care, and makeup categories. Honasa also includes brands like The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr. Sheths in its portfolio.
This comes at a time when Brokerage Citi Research has initiated coverage on Honasa Consumer Ltd with a ‘buy’ rating.
Continue Exploring: Citi Research bullish on Mamaearth, projects 24% upside potential with ‘buy’ rating
During its most recent reported quarter, Q3 FY24, Mamaearth witnessed a significant surge in its consolidated net profit, soaring by 264% to INR 25.9 Cr from INR 7.1 Cr in the corresponding period of the previous year. Additionally, its operating revenue experienced a 28% year-on-year increase, reaching INR 488.2 Cr for the quarter.
As per Statista, the Beauty & Personal Care market in India is projected to achieve a revenue of $31.51 billion by 2024, with an anticipated annual growth rate of 3.00% (CAGR 2024-2028).
Continue Exploring:Â Mamaearth parent Honasa Consumer sees 250% YoY surge in net profit to INR 26.1 Crore in Q3FY24
