Honasa Consumer’s Chief Business Officer Zairus Master Resigns
Zairus Master, chief business officer of Honasa Consumer Ltd. — the parent company of beauty and personal care brand Mamaearth, has resigned citing "personal reasons", according to the company.
Master will step down from his role on February 28, 2025, the Gurugram-based company said in an exchange filing on Thursday.
The CBO's resignation coincides with a significant offline distribution restructuring within the company, which has significantly affected its financials. Its stock has fallen 42% in the past six months to Rs 250, much below the IPO price of Rs 324 apiece as of November 2023.
Master, who joined Honasa in August 2021, played a key role in the company's omni-channel growth strategy. The CBO was also responsible for "lower funnel management to capture demand and translate to revenue", according to his LinkedIn profile. Master also looked after investment allocation across categories, brands, and channels, for the firm. He has over 25 years of experience working at firms like Airtel, Nokia and Hindustan Unilever.
Master's exit follows the resignation of Jayant Chauhan, Chief Product and Technology Officer, in October last year due to similar reasons. Earlier, in August, Abhishekk Raj Pandey, senior vice president - commercial, left the company to start his own venture.
Other than its flagship Mamaearth, Honasa houses five more brands — The Derma Co, Aqualogica, Bblunt, Dr Sheth's, and Staze Beauty. In the July-September quarter, the company reported its first quarterly loss in five quarters. It also saw its revenue decline 7% to Rs 462 crore during the same period. CEO Varun Alag said that the drag in revenue and profits for Mamaearth is a result of Project Neev. The company has taken a hit of about Rs 70 crore due to this strategic initiative, which involves shifting from a super-stockist model to direct distribution in the top 50 cities.
Shares of Honasa Consumer ended at Rs 250.7 apiece, up by 0.6% on the BSE.
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