Honasa Consumer, parent company to brands such as Mamaearth and The Derma Co., has announced the acquisition of Reginald Men, a premium personal care brand for men. This strategic move allows Honasa to enter the rapidly growing men’s personal care segment. Reginald Men currently generates ₹18 Cr in EBITDA with revenue of ₹74 Cr. Honasa will acquire 95% of the company for ₹195 Cr.
Strategic Acquisition
Honasa Consumer Limited has officially announced its acquisition of Reginald Men, a prominent player in the men’s personal care market. This acquisition, announced on December 11, 2025, marks Honasa’s strategic entry into the rapidly expanding men’s grooming sector.
Reginald Men: Brand Overview
Reginald Men, launched in August 2022, offers a curated range of men’s personal care products, primarily focusing on sunscreens. The brand has gained traction, especially in South India, with 80%+ of its sales originating from the region. It has an EBITDA of ₹18 Cr and revenue of ₹74 Cr.
Deal Terms
Honasa will acquire a 95% stake in Reginald Men through a secondary purchase at an enterprise value of ₹195 Cr. The remaining 5% will be acquired after 12 months, based on pre-agreed valuation criteria. The implied EV/Revenue multiple is 2.6x, and the implied EV/EBITDA multiple is 10.9x, based on trailing twelve-month figures ending October 2025.
Rationale Behind the Acquisition
The acquisition aligns with Honasa’s strategy to strengthen its presence in the large and growing men’s personal care market, which is projected to reach INR 40K Cr+ by 2032. By adding Reginald Men to its portfolio, Honasa aims to leverage the brand’s strong South Indian market presence and expand its product offerings. This acquisition will allow Honasa to scale Reginald Men into multiple personal care categories, using existing product equity, and expand across online and offline channels.
Key Benefits
This acquisition presents several key benefits for Honasa:
- Entry into the fast-growing men’s personal care segment.
- Strengthening market share in southern states.
- Opportunity to scale Reginald Men across multiple categories and channels.
Source: BSE
