With onion hair oil and curd and turmeric face masks, Honasa Consumer Ltd., the recently listed parent company of India’s personal-care brand Mamaearth, is competing against global titans in the fastest-growing beauty industry globally.
According to Varun Alagh, co-founder and CEO of Honasa Consumer, Indian customers are becoming more and more picky about items that are manufactured with natural, locally sourced ingredients and customized for them. Conversely, foreign rivals mostly provide Indian customers with merchandise from their global portfolios. Honasa’s products are designed with consideration for the tropical climate and cultural quirks of India. “We have the advantage there,” Varun added.
Based on information from a few sources, one-third of the beauty and wellness brands that Hindustan Unilever Ltd., or HUL, offers in India are drawn from the worldwide product portfolio of Unilever Plc. However, other businesses, like HUL, are changing course and are now selling their own line of new personal care products, including Simple and Love, Beauty and Planet. “The Colour Story of India” is the name of a limited-edition lipstick line that Estee Lauder Companies Inc. introduced in March.
In addition to the water-based skincare brand Aqualogica and the Indian skin-specific Dr. Sheth’s, the Gurgaon-based company expanded its line of products in March with the launch of the cosmetics brand Staze.
In November, Honasa Consumer listed in Mumbai and raised 17 billion rupees. Since it began trading on November 7, its shares have increased by almost 32%, while the Nifty 50, India’s benchmark index, has increased by 15.4% during the same time. In the upcoming years, India’s beauty and personal-care sectors will grow at the fastest rate in the world.
