New Delhi, Dec. 7 -- WOW Skin Science boomed during the pandemic, riding the naturals wave with its breakout onion shampoos and apple cider vinegar (ACV) products. However, the Bengaluru-based company quickly lost relevance, as consumers shifted to science-backed skincare products that delivered results.

An early-mover in chemical-free skincare segment, WOW continued to rely on a few hero ingredients-onion, ACV, aloe-long after markets became saturated with near-identical offerings. "Our differentiation was gone," founder Manish Chowdhary told Mint. "Everyone was making some version of the same thing."

Buoyed by initial success, the digital-first company ventured into costly offline expansion even as the beauty market was making a decis...