Sugar Cosmetics, a Direct-to-consumer (D2C) beauty and personal care brand has raised $50 million in funding round led by L Catterton with participation from existing investors A91 Partners, Elevation Capital and India Quotient.
The company had earlier said that the current annual revenue run rate of the beauty brand is around Rs 500 crore and is expected to touch Rs 2,000 crore in the next 24-36 months.
The brand said it is expanding its presence to over 40,000 retail stores across 550 cities.
Mumbai-based Sugar Cosmetics was founded in 2012 by husband-wife duo Vineeta Singh and Kaushik Mukherjee, It currently sells lipstick, eyeliner, face and eye brushes, and has recently expanded into the skincare segment, selling moisturizers and sheet masks.
The company focuses on having both online and offline sales channels.
“The firm’s brand-building and value creation capabilities will fortify our growth as we continue on our journey of delighting and over-delivering on the expectations of our customers,” said, Vineeta Singh, founder and CEO of Sugar Cosmetics.
The brand said in a statement, L Catterton’s expertise in building iconic consumer brands across the globe and the strategic relationship with LVMH empower China to enter its next phase of growth amid expansion in India’s beauty and personal care market.
Sugar Cosmetics’ parent company, Vellvette Lifestyle, has purchased a majority stake in ENN Beauty, thereby consolidating its role in the hair and skin care sectors.
CEO Vineeta Singh also said that the company may make more acquisitions in FY23 and FY24.
“We look forward to partnering with the company to thoughtfully unlock international exposure and drive further growth, leveraging our experience of working with over 20 beauty and personal care companies in L Catterton’s portfolio across the Americas, Europe, and Asia,” said, Anjana Sasidharan, L Catterton Asia managing director.
About Sugar Cosmetics
SUGAR Cosmetics is a cruelty-free makeup brand that is high on style and higher on performance. The brand is inspired by and targeted towards bold, independent women who refuse to be stereotyped into roles. Manufactured in state-of-the-art facilities across Germany, Italy, India, USA and Korea the brand ships its bestselling products across Lips, Eyes, Face and Nail categories across the world.