No other industry has benefited as much from the social media marketing boom as the beauty industry. The rash of brands that have thronged shop shelves since the Covid pandemic is proof. Add one more to the growing list. Last week, Honasa Consumer Ltd, the holding company of Mamaearth, launched a colour cosmetic line Staze, aimed straight at “the new-age consumer”.
Needless to say, as one of the largest and fastest-growing markets for cosmetics, India presents a plethora of opportunities for beauty brands. The colour cosmetics market in India is estimated at Rs 15,000 crore, growing at a CAGR of 12%. Staze’s portfolio covers most makeup categories — from eyes to lips and face — with an average price of less than Rs 300. “Our brand’s target demographic is the vast cohort of Indian women in the age group of 18-24, who prioritise innovation and quality at accessible price points,” said the company at the time of launch.
In line with Honasa Consumers’ digital-first approach, Staze will be available on its brand store, besides e-commerce platforms Nykaa, Purplle, Amazon, Flipkart among others. “So-cial media platforms have changed the game in this market,” says Madhurima Bhatia, media engagement & partnership lead at Ipsos India & APEC. “They have made brand communication two-way, which is a big deal for consumers that these brands are targeting,” she adds. For its part, Honasa said its aim is to establish Staze as “the go-to brand for performance-driven cosmetics”.
By performance-driven, it implies a product that has 12-hour wearability. The brand touts a colour-lock technology that binds with pigments, creating an impermeable shield against environmental factors like oil, sweat and water. That’s quite a mouthful but the issue is, many local and international brands also make the same promise. And many of them also have very deep pockets. Honasa believes there is a gap which it can fill. “Today’s consumer seeks both value and innovation in a product. That underscores a critical gap in the market,” it says.
The brand has a fighting chance “to shake things up by providing innovative, high-quality cosmetics at affordable prices,” the company adds. That said, the biggest growth opportunity for brands now lies in markets outside metros and tier-I markets, Kaushik Mukherjee, co-founder and COO of Sugar Cosmetics, had told FE in an earlier interview. After establishing a strong online presence, newbies like Renee and Sugar have put offline expansion in full throttle. In the end, it will be product range and pricing that will make or break a brand, say observers.