Crossword Genius

Event for women with 50 per cent reduction on a beauty product (5)

Ross

I believe the answer is:

henna

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'product' is the definition.
The answer and definition can be both substances as well as being singular nouns.
Perhaps they are linked in a way I don't understand?

I cannot understand how the remainder of the clue works.

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(Other definitions for henna that I've seen before include "Dye used in skin decoration" , "hair colour?" , "(Shrub producing) reddish dyestuff" , "Natural hair dye" , "Red-brown plant dye" .)

I've seen this clue in The Times.
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