SUGAR Cosmetics
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SUGAR Cosmetics is an Indian e-commerce company, founded by Vineeta Singh (Co-founder and CEO) and Kaushik Mukherjee (Co-founder and COO) in 2015, with its headquarters in Mumbai. It focuses on selling makeup and skincare products that are millennial friendly, best suited for Indian skin tones and are cruelty-free. However, not all of their products are 100% vegan. Their products are manufactured in state of the art facilities across many countries such as Germany, Italy, USA, India , etc. and are sold across websites, mobile apps and offline stores.[1] SUGAR has an omni-channel distribution network of around 10,000 retail outlets across 130 cities. It is one of the top 4 cosmetic brands in terms of distribution to sales. As for SUGAR’s supply chain, they have a vast presence across retail stores including standalone and marketplaces along with D2C channel shipping directly to consumers in 18000+ pincodes all over India.[2]
History
Vineeta Singh, an alumni of IIM Ahmedabad and IIT Madras, was passionate about building a consumer business for women. She turned down a 1cr investment banking job, whilst her husband, Kaushik Mukherjee—a BITS Pilani and IIT Ahmedabad, left his McKinsey & Co to join Singh. And so, in the year 2012, she started Fab Bag, a subscription based business that offered women an assortment of beauty products every month for a small fee. During the course of 9years, the business amassed around 200,000 customers. However, a dip in sales and data proved that a lot of customers spoke about the fact that makeup brands that were available—foreign or local—didn’t cater to Indian skin tones or the Indian way of life. And with that thought, SUGAR was born.[3]
SUGAR Cosmetics was founded on three pillars: listening to consumers, staying away from discounting and focusing on content for consumers. In a market dominated by beauty giants like Lakme, Loreal, Maybelline, etc. SUGAR is one of the first Indian companies that focuses on inclusivity. With a quick turnaround time in terms of product development, pricing, and social-media engagement, the brand is steadily becoming a go-to for young women.
Fundraising
In 2016-17, they managed to raise $2.5Mn a Series A funding round from R B Ventures and IndiaQuotient. They then ventured into retail with around 87 general trade touchpoints across India.[4]
In 2017-18, they launched their first exclusive brand outlet in Kolkata along with a few kiosks in major malls across the country. They saw an increase of up to 25% revenue.[5]
In 2018-19, the duo raised another $10Mn in a Series B funding round from A91 Partners and IndiaQuotient. Their product portfolio reached 250+ SKUs and retail presence expanded to 700+ outlets.
In 2019-20, their retail presence further scaled to reach 1750 retail touchpoints, featured in top 4 cosmetic brands in terms of sales contribution in retail chains such as Lifestyle, Health & Glow, and Shopper Stop. With an estimated Rs.130 crore revenue for FY21, the brand has hit an annual run rate of Rs.500 crore as of November 2021. With more than a million app downloads on iOS and Android and 2.1M+ Instagram followers, the brand has also set up retail touch points in 35,000+ outlets, and raised $21 million in series C funding in early 2021 led by Elevation Capital, formerly SAIF Partners.[6]
Awards and recognition
● Vineeta Singh was one of the winners at ET 40 under 40 list ● CNBC TV18 Most trusted brand of the year Award to SUGAR Cosmetics ● Vineeta Singh was one of the winners at Fortune 40 under 40[7] ● Vogue Beauty Awards for SUGAR Cosmetics Eye Warned You So! Double Matte Eyeliner[8] ● Entrepreneur Awards 2019- Retail Start-up Of The Year ● Star Retail Awards 2019- Debutant Retailer Of The Year ● ET Most Promising Brand Of The Year - 2019 ● Vellvette Lifestyle Pvt. Ltd. as the winner of the 31st Inflection Awards for Best Supply Chain Strategy & Design - Cosmetics Category - 2021
References[edit]
- ↑ Das, Debomitra. "Exclusive: Meet the IIM Alumnus who turned down a Rs. 1 Cr job to start her cosmetic empire - Times of India". The Times of India. Times of India. Retrieved 30 May 2022.
- ↑ Narayan, Vishvas (13 May 2022). "SUGAR Cosmetics to Expand Offline Presence to Over 60,000 Stores". TechStory. Retrieved 30 May 2022.
- ↑ Sanchita, Dash. "The founder of SUGAR cosmetics explains how the startup clocked a 60% growth in sales during the pandemic". Business Insider. Retrieved 30 May 2022.
- ↑ "Series A - SUGAR Cosmetics - 2017-06-01 - Crunchbase Funding Round Profile". Crunchbase.
- ↑ Bureau, Indiaretailing (12 February 2019). "SUGAR Cosmetics launches first EBO in Kolkata". Indiaretailing.com.
- ↑ Bhatla, Prabhjeet. "Beauty Brand SUGAR Cosmetics Raises $21 Mn In Series C Funding Round Led By Elevation Capital". Entrepreneur.
- ↑ "Vineeta Singh, Kaushik Mukherjee - India's Young & Brightest Entrepreneurs in 40 Under 40 2021 - Fortune India". www.fortuneindia.com.
- ↑ [SUGAR Cosmetics is slowly making its way into millennials’ make-up kits; Lakmé, L’Oreal watch out! [https://economictimes.indiatimes.com/prime/consumer/sugar-cosmetics-is-slowly-making-its-way-into-millennials-make-up-kits-lakm-loreal-watch-out/primearticleshow/78646786.cms SUGAR Cosmetics is slowly making its way into millennials’ make-up kits; Lakmé, L’Oreal watch out!]] Check
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