Zairus Master, chief business officer at Honasa Consumer, has resigned from his post and will step down on February 28, the company said in an exchange filing on Thursday.
The Gurugram-based firm is the parent company of Mamaearth, The Derma Co, Aqualogica, Dr Sheth’s, BBlunt and Staze.
In an email to Honasa’s founder and CEO Varun Alagh, Master said that the he is resigning due to “personal reasons”.
“It’s been a privilege to be a part of an amazing team,” he added.
Before this in November, the company’s chief product and technology officer Jayant Chauhan had resigned.
In August, Honasa Consumer’s senior vice president (commercial) Abhishekk Raj Pandey, had quit the company. Pandey was also the head of sourcing, procurement & manufacturing.
Honasa had reported weak numbers in the September quarter and had said that they were working on changing their offline strategy. They have hired Bain & Co. to help them form a framework for that.
In the July-September quarter, Honasa Consumer posted a net loss of Rs 17 crore and a 7% dip in its operating revenue at Rs 462 crore. During the same quarter in the previous year, it had reported a net profit of Rs 30 crore.
“It seems that we were trying to deploy the same playbooks, where over the last few quarters all of our data seems to be pointing to the fact that we need to evolve those playbooks in line with how to win with the consumer who’s buying in offline and the kind of media that they are sort of looking at and the kind of distribution that is required to get that done,” Alagh had said in an analyst call.
“And a lot of work is happening on that front.”
The company’s flagship brand Mamaearth is also witnessing slower-than-anticipated growth.
Alagh said for the brand, the larger part of the growth is now supposed to come from offline consumers.
“And getting that game right is very critical as we move forward, which is where optimal investments on hero products, getting them in the right sizes, distributing them in the places and focusing very strongly on that is something that we will need to dial up,” he said.