.Rep imageBeauty as well as private treatment provider Honasa Consumer-- the parent company of Mamaearth-- is discontinuing its own ayurvedic elegance brand Ayuga.In an earnings presentation on Friday, Honasa Buyer said it might not develop a product-market fit as well as started sunsetting the company from June this year.Following the ending of Ayuga, Honasa Buyer will have six brands in its own profile-- Mamaearth, its own most extensive label, The Derma Co, Aqualogica, Dr Sheth's, BBlunt, and Staze, under which the company sells colour cosmetics products.Honasa Consumer disclosed a 19% year-on-year increase in operating revenue for the April-June period to Rs 554 crore, while net earnings rose 62% on year to Rs 40 crore.In the presentation, Honasa claimed Ayuga was actually introduced to offer ayurvedic appeal items in present day formats for Indian millennials back in December 2021. The label was renewed two years eventually, based on buyer reviews, it added.However, the company neglected to obtain any sort of traction despite the adjustments. Ayuga was actually an online just brand.Other new-age labels in the ayurveda-focused charm and private care room feature Peak XV Allies and Fireside Ventures-backed Nathabit, Foreknowledge Ventures-backed The Ayurveda Business, and also Vertex Ventures-backed Kapiva.Nathabit has actually apparently crossed an annualised earnings rate of Rs one hundred crore in FY24, while Kapiva reported Rs 114 crore in operating income in FY23.
Released On Aug 10, 2024 at 01:18 PM IST.
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