SUGAR Cosmetics has closed $50 million Series D fundraise led by the Asia fund of L Catterton. The spherical noticed curiosity from a number of personal fairness funds with continued participation from current buyers – A91 Partners, Elevation Capital and India Quotient. With the contemporary funding, the corporate plans to additional capitalise on its development momentum within the quickly increasing magnificence and private care market within the nation.
L Catterton shares the corporate’s ethos of really understanding what issues most to customers, Vineeta Singh, co-founder and chief government officer, SUGAR, mentioned. “Consumers are at the heart of all we do. At SUGAR, we are devoted to creating innovative products that meticulously cater to the preferences of women with diverse skin tones and types who believe in expressing themselves with high-quality cosmetics and skincare products that complement their inner beauty. 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 and fans,” she added.
As per the corporate, L Catterton’s experience in constructing client manufacturers internationally and strategic relationship with LVMH will empower SUGAR to embark on its subsequent stage of development amid the enlargement of India’s magnificence and private care market. Driven by customers who’re more and more making cosmetics and skincare part of their every day repertoire and experimenting with various kinds of merchandise, the nation’s magnificence and private care market has expanded significantly over the previous 5 years and is anticipated to achieve roughly $21 billion in 2025. Rising adoption of on-line procuring and higher product penetration in secondary cities are additionally contributing to the market’s enlargement.
Through a mixture of fast-paced e-commerce enlargement, accelerated partnerships with common and trendy commerce shops, in addition to diligent same-store-sales development, SUGAR claims to have established a powerful omnichannel presence throughout India.
With a product-first mindset and deep understanding of their goal customers, SUGAR’s management workforce has established a powerful place in India’s cosmetics market, which is at an inflection level of enlargement, Anjana Sasidharan, managing director, L Catterton Asia, who will probably be becoming a member of the corporate’s board, said. “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,” she highlighted.
L Catterton has expertise investing globally within the magnificence and private care area. Current and previous investments within the area embrace Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT, and Sociolla, amongst others.
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Source: www.financialexpress.com”