Honasa Consumer Limited, the parent company of popular personal care brand Mamaearth, has taken a decisive step into the fast-growing men’s grooming and personal care market with the acquisition of Reginald Men. The company has acquired the men’s personal care brand along with its parent entity, BTM Ventures Pvt Ltd, at an enterprise valuation of ₹195 crore. This acquisition signals Honasa Consumer’s first direct foray into the men’s personal care category and strengthens its strategic footprint in Southern India.

Founded and led by Ghazal and Varun Alagh, Honasa Consumer has built a strong portfolio of digital-first beauty and personal care brands over the years. With labels such as Mamaearth, The Derma Co., Aqualogica, Bblunt, Dr Sheth’s, Staze, and Lumine under its umbrella, the company has been steadily expanding its presence across skincare, haircare, and beauty segments. The addition of Reginald Men adds a new dimension to Honasa’s growth strategy by tapping into evolving male consumer preferences.

Structure and Valuation of the Acquisition

As disclosed in an exchange filing, Honasa Consumer is acquiring a 95 percent stake in Reginald Men through a secondary purchase. The transaction has been structured on a ‘no-cash, no-debt’ basis at an enterprise value of ₹195 crore and is expected to be completed over the next four weeks, subject to customary closing adjustments.

The remaining 5 percent stake in the company will be acquired after a period of 12 months. This subsequent acquisition will take place based on pre-agreed valuation criteria laid out in the Share Purchase and Shareholders’ Agreement. This phased acquisition approach allows Honasa to align long-term performance metrics with ownership consolidation while maintaining continuity in brand leadership and operations.

Reginald Men: A Rapidly Scaling Premium Brand

Reginald Men is a premium men’s personal care brand founded in August 2022 by entrepreneur Trisha Reddy Talasani. Despite being a relatively young company, the brand has demonstrated remarkable growth in a short period. The company offers a curated range of men’s personal care products, with a particular focus on sunscreens and serums—categories that are also key growth drivers for Honasa Consumer.

According to Honasa’s disclosures, Reginald Men recorded a topline of approximately ₹70 crore over the past twelve months, covering the period from November 2024 to October 2025. The brand has also achieved close to 25 percent EBITDA margins, highlighting strong operational efficiency and profitability at an early stage of its lifecycle.

The company’s growth trajectory has been particularly striking when viewed historically. From an annual turnover of just ₹7,000 in FY23, Reginald Men rapidly expanded its reach across India to post an annual turnover of ₹20.15 crore by FY25. This rapid scale-up has been driven by strong organic traction, a clear product-market fit, and branding that resonates with modern male consumers.

One of the brand’s flagship products, the Helios Moisturizing Sunscreen, has emerged as the most searched sunscreen for men on Google in India. This milestone underscores Reginald Men’s rising popularity, strong consumer pull, and success in addressing a previously underserved segment within men’s skincare.

Strengthening Presence in Southern India

A key strategic rationale behind the acquisition is Honasa Consumer’s desire to deepen its presence in Southern India. Reginald Men currently derives the majority of its revenue from the region, offering Honasa valuable market insights, distribution learnings, and brand recall in southern markets.

Honasa stated that the acquisition will provide the company with deeper consumer insights, established marketing playbooks, and a strong regional brand presence that can help accelerate market share gains across South India. This regional strength complements Honasa’s already extensive national distribution network, which spans more than 100,000 FMCG retail outlets and covers over 18,000 pin codes across more than 700 districts in India.

Strategic Fit and Leadership Commentary

Commenting on the acquisition, Varun Alagh, Co-founder and Chief Executive Officer of Honasa Consumer Limited, emphasized the strategic alignment between the two companies. He noted that the men’s personal care category is evolving rapidly and that Reginald Men’s nuanced understanding of modern male consumers makes it a strong fit within Honasa’s long-term vision.

“We are deeply inspired by what the Reginald Men team has built in such a short span of time. Their sharp understanding of the modern male consumer, combined with their ability to quickly translate ideas into action, aligns perfectly with Honasa’s long-term vision,” Alagh said. He added that Reginald Men’s deep insight into male consumer behavior and preferences strengthens Honasa’s mission of shaping the future of India’s beauty and personal care landscape.

Trisha Reddy Talasani, Founder of BTM Ventures Pvt Ltd, also expressed optimism about the partnership. She described the acquisition as a landmark moment for the company and highlighted the shared values between the two organizations.

“Joining hands with Honasa Consumer and its visionary founders, Ghazal and Varun, is a landmark moment for us. Our shared passion for innovation and commitment to excellence forge a strong partnership, and I am excited to collaboratively elevate our brand to new horizons,” Talasani said.

Market Reaction and Share Price Performance

The acquisition announcement had an immediate impact on Honasa Consumer’s stock performance. On December 12, shares of the company rose more than 2 percent following the news. During intraday trading, the stock surged nearly 5 percent to touch a high of ₹269 per share before paring some of its gains. The shares eventually closed at ₹261.50 apiece on Friday.

However, the broader performance of Honasa Consumer’s stock reflects a period of volatility. In intra-day trade on another occasion, the stock closed at ₹255, marking a decline of about 0.87 percent. Over the past five days, Honasa Consumer shares have fallen nearly 2 percent, while the stock has lost over 7 percent in the past one month.

Looking at a longer timeframe, the stock has declined by 19.44 percent over the past six months. After hitting a 52-week low of ₹197.51 per share in February, Honasa Consumer’s stock rallied more than 69 percent in less than four months to reach a 52-week high of ₹334.20 in June. Since then, the stock has corrected by nearly 22 percent. Despite these fluctuations, the shares are up around 5 percent so far in 2025.

On the Bombay Stock Exchange, Honasa Consumer shares were last seen settling at ₹256.50, down 0.50 percent on the day.

Financial Performance and Business Overview

Honasa Consumer operates as a brand house focused on the beauty and personal care market, driven by a customer-insights-led product strategy. The company reported a net profit of ₹39 crore in Q2 FY26, marking a significant turnaround from a net loss of ₹19 crore in the same quarter of the previous financial year. Revenue from operations during the quarter rose 16.5 percent year-on-year to ₹538 crore, reflecting steady demand across its portfolio of brands.

The acquisition of Reginald Men aligns with Honasa’s broader strategy of expanding into high-growth categories while leveraging existing strengths in formulation, digital marketing, and distribution. With men’s grooming and skincare gaining traction in India, the move positions Honasa to capitalize on shifting consumer behavior and emerging opportunities within the personal care sector.

A Calculated Step into a Growing Category

By acquiring Reginald Men, Honasa Consumer is not only entering the men’s personal care segment but doing so with a brand that has already demonstrated strong consumer acceptance, profitability, and scalability. The focus on sunscreens and serums—categories that are already central to Honasa’s product strategy—further enhances synergies between the two businesses.

As the men’s grooming market continues to expand and evolve, Honasa’s latest acquisition underscores its intent to remain at the forefront of India’s beauty and personal care industry, while diversifying its portfolio to address the needs of an increasingly discerning male consumer base.

With inputs from agencies

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