SUGAR Cosmetics has closed $50 million Series D fundraise led by the Asia fund of L Catterton. The round saw interest from multiple private equity funds with continued participation from existing investors – A91 Partners, Elevation Capital and India Quotient. With the fresh funding, the company plans to further capitalise on its growth momentum in the rapidly expanding beauty and personal care market in the country.
L Catterton shares the company’s ethos of truly understanding what matters most to consumers, Vineeta Singh, co-founder and chief executive officer, SUGAR, said. “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 company, L Catterton’s expertise in building consumer brands across the world and strategic relationship with LVMH will empower SUGAR to embark on its next stage of growth amid the expansion of India’s beauty and personal care market. Driven by consumers who are increasingly making cosmetics and skincare a part of their daily repertoire and experimenting with different types of products, the country’s beauty and personal care market has expanded considerably over the past five years and is expected to reach approximately $21 billion in 2025. Rising adoption of online shopping and greater product penetration in secondary cities are also contributing to the market’s enlargement.
Through a combination of fast-paced e-commerce expansion, accelerated partnerships with general and modern trade stores, as well as diligent same-store-sales growth, SUGAR claims to have established a strong omnichannel presence across India.
With a product-first mindset and deep understanding of their target consumers, SUGAR’s leadership team has established a strong position in India’s cosmetics market, which is at an inflection point of expansion, Anjana Sasidharan, managing director, L Catterton Asia, who will be joining the company’s board, stated. “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 experience investing globally in the beauty and personal care space. Current and past investments in the space include Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT, and Sociolla, among others.
Read Also: Havas CX announces key appointments; strengthens leadership team in India