SUGAR Cosmetics, one of India’s largest omnichannel beauty companies and a cult favourite amongst Gen Z and Millennial consumers announced Bollywood Superstar Ranveer Singh as its newest investor. This partnership between the youth icon and one of the fastest-growing premium beauty brands is expected to further cement SUGAR’s position as a fan favourite and create new pathways for customer acquisition, especially with the Gen Z and millennial audiences in India.
Excited about this new partnership, Ranveer Singh said, “Defying the conventional has been embedded in my DNA and I take pride in partnering with a brand that believes in empowering women. I have admired SUGAR’s ability to build a tremendous fan following over the years. I’m excited to be a part of this journey and help the brand achieve its mission of providing Indian women access to premium & quality makeup products specially formulated for them.”
SUGAR Cosmetics started as a D2C brand in 2015 that quickly ventured into offline trade in 2017. Today, the brand clocks annual sales of more than INR 550 crores with a physical presence in over 45,000 retail touch points across 550 Indian cities.
“We are thrilled to welcome Ranveer to the SUGAR family. SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped into roles and if someone shares the same DNA as ours, it is Ranveer! His personality of being bold, quirky, and vibrant makes the partnership a natural fit,” Vineeta Singh, co-founder and CEO, of SUGAR Cosmetics said.
With an extensive portfolio of high-quality products that resonate with consumers, SUGAR has cultivated a loyal customer base and has more than quadrupled sales over the past three years. The company’s effective use of new-age, impact-focused content marketing has helped it develop lasting emotional connections with a diverse range of consumer cohorts.
“We are delighted to have Ranveer on board as we look forward to reinforcing our brand connect with consumers. He is undoubtedly one of the most popular youth icons in the country and his unstoppable and clutter-breaking personality fits very well with the brand ethos of SUGAR,” said Kaushik Mukherjee, Cofounder & COO, SUGAR Cosmetics.
“This will help supercharge our growth trajectory as we continue scaling SUGAR aggressively to build it into a large and much-loved makeup & beauty brand,” he added.
Ranveer’s investment announcement comes close on the heels of the $50 million Series D fundraise led by the Asia fund of L Catterton, the largest global consumer-focused private equity firm. The upsized round saw strong interest from multiple private equity funds with continued participation from existing investors – A91 Partners, Elevation Capital and India Quotient.