SUGAR Cosmetics Closes $50M Series D Funding Led by L Catterton to Double Down on Digital Beauty

Mumbai, India, May 30, 2022 /PRNewswire/ — SUGAR Cosmetics (“SUGAR”), one of india leading omnichannel beauty companies and a cult favorite among Gen Z and millennial consumers, today announced the closing of its $50 million Series D fundraiser led by the Asia fund of L Catterton, the world’s largest consumer-focused private equity firm. The expanded round has attracted strong interest from several private equity funds with continued participation from existing investors – A91 Partners, Elevation Capital and India Quotient – placing the company firmly on track to further capitalize on its growth momentum in the booming beauty and personal care market. in the country.

L Catterton’s expertise in building iconic consumer brands around the world and its strategic relationship with LVMH will enable SUGAR to embark on its next stage of growth as part of the expansion of india beauty and personal care market. Driven by consumers who increasingly incorporate cosmetics and skincare into their daily repertoire and experiment with different types of products, the country’s beauty and personal care market has grown significantly over the past five years. years and is expected to reach approximately $21 billion in 2025. Growing adoption of online shopping and greater product penetration in secondary cities are also contributing to the enlargement of the market.

With an extensive portfolio of high-quality products that resonate with consumers, SUGAR has cultivated a loyal customer base and more than quadrupled sales over the past three years. The company’s effective use of impact-driven new-age content marketing has helped it develop lasting emotional connections with a wide range of consumer cohorts.

Through a combination of rapid e-commerce expansion, accelerated partnerships with generalist and modern stores, and diligent same-store sales growth, SUGAR has also established a strong omnichannel presence across India. The company’s ability to simultaneously capitalize on the proliferation of online shopping while creating a strong local ecosystem of offline distribution partners has enabled it to attract and retain shoppers across the spectrum, from metros to cities of level II and III.

SUCRE Co-founder and CEO Vineeta Singh said, “Consumers are at the heart of everything we do. At SUGAR, we are dedicated to creating innovative products that meticulously address the preferences of women of diverse skin colors and types who believe in the importance of express themselves with high-quality cosmetics and skincare products that complement their inner beauty. L Catterton shares our philosophy of truly understanding what matters most to consumers, and my co-founder Kaushik and I are thrilled to welcome the company as a partner. The company’s brand building and value creation capabilities will bolster our growth as we continue our journey of meeting and exceeding the expectations of our customers and fans. We are also extremely grateful for our existing investors’ unwavering faith in us and the unstoppable team that is making our collective dream a reality.”

“We were impressed with how SUGAR maintained its rapid growth momentum across both online and offline channels while maintaining healthy operating metrics,” commented Anjana Sasidharan, L Catterton Asia Managing Director, who will join the company’s Board of Directors. “With a product-driven mindset and a deep understanding of their target consumers, SUGAR’s management team has established a strong position in india cosmetics market, which is at an exciting inflection point of expansion. We look forward to partnering with the company to thoughtfully unlock international exposure and drive growth, leveraging our experience working with over 20 beauty and personal care companies in L Catterton’s portfolio across the Americas, Europeand Asia.”

L Catterton has significant global investment experience in beauty and personal care. Current and past investments in the space include Il Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT and Sociolla, among others.

About SUGAR Cosmetics

SUGAR Cosmetics, a cult favorite among Gen Z and Millennials, is one of the fastest growing premium beauty brands in India. With its clutter-busting personality, signature low-poly packaging, and chart-topping products, SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped in roles. Manufactured in state-of-the-art facilities across Germany, Italy, India, UNITED STATES and in Korea, the brand ships its best-selling products in the Lips, Eyes, Face, Nails and Skin categories across the globe. With a cruelty-free range that is both stylish and high-performing, the brand is obsessed with making products that perfectly match every Indian complexion through the seasons and calendar. Backed by the trust of renowned investors and the love of millions of makeup enthusiasts, SUGAR Cosmetics is rapidly expanding its physical presence with over 40,000 outlets in over 550 cities and a mission to reach the door of every makeup user in the country. For more information, visit www.sugarcosmetics.com.

About L Catterton

With about $33 billion of equity through its fund strategies and 17 offices around the world, L Catterton is the world’s largest consumer-focused private equity firm. Leveraging deep category knowledge, operational excellence and an extensive network of strategic relationships, L Catterton’s team of nearly 200 investment and operating professionals helps management teams around the world build strong, category-leading brands. Since 1989, the company has made approximately 250 investments in consumer businesses. For more information on L Catterton, please visit lcatterton.com.

CONTACTS

Cosmetic SUGAR

Amrita Shinde
[email protected]
+91 91677 01919

L Catterton

Julie Hamilton (WE)
[email protected]
+1 203 742 5185

Bob Ong (Asia)
[email protected]
+65 6672 7619

George Smith Alexander (Adfactors, for L Catterton in India)
[email protected]
+91 98213 56867

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