Sugar Cosmetics saw net revenue crossing for FY2020 and with a revenue share from website increasing from 35% to 65% in August 2020, Sugar crossed INR 100 Cr. Five investors are financing the start-up. RB Investments and A91 Associates Pte. Ltd. are the new buyers.
The business has added more than 40 exclusive brand outlets or kiosks since 2017 and has a presence at more than 1,750 retail touchpoints.
Established in 2015 by Vineeta Singh and Kaushik Mukherjee, Sugar is now present in retail chains such as Shoppers Stop, Lifestyle, Central, Health & Glow, NewU, which, as in its standalone retail stores, receive goods from the logistics partners of the group. The firm has collaborated with Amazon, Myntra, Flipkart, and Nykaa when it comes to online marketplaces. It also operates in over 130 cities at 2,400 outlets.
With steady sales growth of 700 percent accelerating and more than 770 retail touchpoints spread across 92 cities, Sugar Cosmetics has emerged as one of India’s most successful and important color cosmetics brands. While 45% of revenue is generated online, another 45% comes from retail outlets and the remaining 10% from the international market.
In a short span of seven years, SUGAR has developed a Rs 100 Crore company. At a time when big players such as Lakmé, L’Oréal, and MAC Cosmetics dominated the market, IIM Ahmedabad alumni Vineeta Singh and Kaushik Mukherjee found the beauty brand SUGAR in 2012.
SUGAR goods can be found on their web site and other online sites such as Nykaa and Amazon. SUGAR has achieved remarkable growth, with a team of 100-115 employees. But for that young warrior, there is no stoppage.
The retail expansion of the company alone represents a great measure of its growth rate. The original shop count for Sugar was 87 stores. The number had reached + 400 by February 2019.
Because of the brains behind the company, the Mumbai-based makeup brand gained broad acceptance among millennials (which fuelled the aggressive expansion).
Sugar’s entrance into the market coincided with the social media popularity of color cosmetics and makeup artists such as James Charles, Jeffree Star, and Kandee Johnson. India is one of the fastest-growing cosmetics markets in the world and is expected to cross $20 billion by 2025. Sugar would have been unable to pick a better time with a 25 percent CAGR.
The brand of color cosmetics for lips, eyes, ears, and nails is known for its ultra-pigmented composition of product. It is jet black matte eyeliner, and the Ace Of Face Foundation Ring is two of the hottest products. Sugar products are manufactured to complement the Indian skin tone in Germany, India, Italy, the USA, Korea, and China.