The holding company of Mamaearth and one of India’s leading beauty and personal care company, Honasa Consumer Limited, has launched its new GenZ focused color cosmetics venture- Staze.
In its regulatory filing, the company mentioned that the colour cosmetic line has been designed to ‘redefine’ beauty routines and is a ‘groundbreaking addition’ to the company’s portfolio.
“With its innovative take on colour cosmetics, Staze sets a new standard for long-lasting, high-performance, multi-purpose makeup, meticulously crafted to cater to the dynamic needs of new-age consumers,” it stated.
As per Honasa Consumers, while the colour cosmetics industry is one of the fastest growing segments in the BPC space, there is a ‘pressing need’ in the market as consumers are seeking both value and innovation in the product.
In its views, this not only underscores a critical gap in the market that demands attention and presents a compelling opportunity for brands to ‘redefine their approach’ and capture untapped potential, but is also a chance to ‘shake things up’ by providing ‘innovative, high-quality cosmetics at affordable prices’.
Currently, the color cosmetics market in India is mainly dominated by multinational companies such as Lakme, L’Oreal, Maybelline, etc.
Commenting on the latest brand addition, Varun Alagh, Chairman and CEO, Honasa Consumer, said, “Honasa has always been at the forefront of innovation and being the pioneers in the BPC industry, we recognized a vital opportunity to address the burgeoning demand for innovative yet accessible color cosmetics. And with the colour cosmetics segment boasting a remarkable CAGR of 12% and a substantial size of INR 15,000 crore, it became evident that there was a gap in the market. These factors paved the way for Staze which represents a strategic move for Honasa’s unique house of brand strategy to enter the color cosmetics market.”
He added, “Our brand’s target demographic is the vast cohort of Indian women in the age group of 18-24 segment, who prioritize innovation and quality at accessible price points. Our vision is to establish Staze as the go-to brand for performance-driven, glamorous cosmetics, setting new benchmarks for excellence in the category.”
Ghazal Alagh, Chief Innovation Officer, Honasa Consumer, also said, “While Mamaearth has successfully positioned itself as a brand that combines color with care, Staze is poised to carve its niche with a distinct emphasis on performance and innovation. We firmly believe that for GenZ consumers who are seeking value and innovation, Staze is uniquely positioned to meet and exceed their expectations.”
