The company currently operates six brands in the beauty and personal care space
New Delhi: Honasa Consumer Ltd, which owns new-age FMCG brands such as Mamaearth and The Derma Co, will introduce more brands to grab opportunities in the beauty and personal care space, its chairman and chief executive officer Varun Alagh said on Wednesday.
The company, which was listed on the bourses earlier this month, operates with six brands in the beauty and personal care space and will fill those “white spaces” in the segment, which has good growth potential as average spending is on the rise with an increase in income levels.
“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,” Alagh told PTI.
In the past, Honasa Consumer did not have as many brand chassis to cover those opportunities, he said.
“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 said.
He, however, did not disclose details when asked about the new brands or products.
The company will prefer organic routes for the new brand, though it may also consider acquisition if it finds a good opportunity, Alagh said.
For the first half of this fiscal, Honasa Consumer on Wednesday reported Rs 961 crore in revenue from operations, driven by a volume growth of 35 per cent on a year-on-year basis.
Its largest brand Mamaearth has entered the top 15 BPC brands in India, overtaking many legacy brands, as per a report by Jefferies.
According to a joint report by Redseer Strategy Consultant and Peak XV (formerly Sequoia Capital India & Southeast Asia), the Indian BPC market is estimated to grow to $30 billion by 2027, accounting for 5 per cent of the global market, according to a report.