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Zairus Master, chief business officer at Honasa Consumer , the parent company of beauty and personal care brand Mamaearth, has stepped down, two people aware of the development told ET. ET Year-end Special Reads Why these three sectors look promising for investors in 2025 18 top stock picks for 2025 from 6 leading brokers Buying a home in 2025? Here's how property market can shape up Master’s decision to resign comes at a time when the Gurugram-based company is undergoing a massive offline distribution restructuring that has severely impacted its financials. “He has conveyed his decision to Varun (Alagh).
..and is likely to quit soon,” one of the persons cited above said.
Honasa Consumer confirmed the development in a notice to the stock exchanges, saying Master has resigned due to personal reasons and he will exit the company on February 28. Master, who joined Honasa Consumer in August 2021, has earlier worked at Airtel and Nokia. He joined the company from job-listing portal Shine, where he was CEO.
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It discontinued its ayurvedic beauty brand Ayuga in the first quarter of FY25. Honasa Consumer did not respond to ET’s queries at the time of publishing. Master did not respond to messages seeking his comments.
Master’s resignation isn’t the first senior executive exit at the company in recent months. In November 2024, the firm’s chief product and technology officer Jayant Chauhan stepped down . Prior to that, Honasa Consumer’s senior vice president - commercial Abhishekk Raj Pandey, who was the head of sourcing, procurement & manufacturing, quit the company in August to join salon management software firm Zalon as cofounder.
Offline channel rejig In the quarter ended September 2024, the company reported a 7% year-on-year (YoY) decline in operating revenue at Rs 462 crore. It posted a net loss of Rs 19 crore in the quarter compared to Rs 30 crore net profit in the same period last year. The weak financials came on the back of the company witnessing a “higher-than-expected” impact of a supply-chain restructuring exercise, Alagh had told ET in an interview at the time.
However, beyond the changes in the company’s offline strategy, Alagh had also flagged the slower-than-anticipated growth of Mamaearth brand. On account of this, he had said, the company was making some structural changes. “[These include] investment allocation across categories where we clearly realised, we were underfunding some of the focus categories because we were dividing our investments too wide,” he had said.
On Thursday, Honasa Consumer’s shares ended 0.6% higher at Rs 250.70 per share.
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