Zairus Grasp, chief enterprise officer of Honasa Client Ltd. — the mum or dad firm of magnificence and private care model Mamaearth, has resigned citing “private causes”, in accordance with the corporate.
Grasp will step down from his function on February 28, 2025, the Gurugram-based firm stated in an alternate submitting on Thursday.
The CBO’s resignation coincides with a major offline distribution restructuring throughout the firm, which has considerably affected its financials. Its inventory has fallen 42% prior to now six months to Rs 250, a lot beneath the IPO worth of Rs 324 apiece as of November 2023.
Grasp, who joined Honasa in August 2021, performed a key function within the firm’s omni-channel development technique. The CBO was additionally accountable for “decrease funnel administration to seize demand and translate to income”, in accordance with his LinkedIn profile. Grasp additionally taken care of funding allocation throughout classes, manufacturers, and channels, for the agency. He has over 25 years of expertise working at corporations like Airtel, Nokia and Hindustan Unilever.
Grasp’s exit follows the resignation of Jayant Chauhan, Chief Product and Expertise Officer, in October final yr attributable to related causes. Earlier, in August, Abhishekk Raj Pandey, senior vice chairman – business, left the corporate to start out his personal enterprise.
Apart from its flagship Mamaearth, Honasa homes 5 extra manufacturers — The Derma Co, Aqualogica, Bblunt, Dr Sheth’s, and Staze Magnificence. Within the July-September quarter, the corporate reported its first quarterly loss in 5 quarters. It additionally noticed its income decline 7% to Rs 462 crore throughout the identical interval. CEO Varun Alag stated that the drag in income and income for Mamaearth is a results of Mission Neev. The corporate has taken a success of about Rs 70 crore attributable to this strategic initiative, which includes shifting from a super-stockist mannequin to direct distribution within the high 50 cities.
Shares of Honasa Client ended at Rs 250.7 apiece, up by 0.6% on the BSE.
