Staze will enter the competitive arena against brands like Maybelline, owned by L'Oréal, and Lakmé from Hindustan Unilever.
Gurgaon-based beauty and personal care company, Honasa Consumer Limited which owns Mamaearth has ventured into a colour cosmatic segment with Staze. This venture is a colour cosmetic line designed to redefine beauty routines and a groundbreaking addition to Honasa’s portfolio, the company said.
The company is eyeing the dynamic needs of new-age consumers, it said Staze sets a new standard for long-lasting, high-performance, multi-purpose makeup.
The brand is created by a coalition of 43 esteemed beauty experts worldwide, including product specialists, dermatologists, influencers, and makeup artists, the company said in a statement.
Commenting on this latest brand addition, Varun Alagh, chairman, and CEO of Honasa Consumer Limited, 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 Rs 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. 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”.
“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 Gen Z consumers who are seeking value and innovation, and Staze is uniquely positioned to meet and exceed their expectations", adds Ghazal Alagh, chief innovation officer, Honasa Consumer Ltd.
The new venture will be the seventh of the new-age FMCG. It already owns six other ventures, including Mamaearth, The Derma Co, Aqqalogica, Ayuga, Dr Sheth's, and Bblunt.
Talking to The Economic Times co-founder and CEO Alagh said that the Staze will compete with the likes of L'oreal-owned cosmetics brand Maybelline and Hindustan Unilever's Lakme on price points.