Omni-channel beauty company SUGAR Cosmetics on Saturday announced that actor Ranveer Singh has come on board as its newest investor. This is the first start-up investment by Singh.
The company said that the partnership with “the youth icon” is expected to create new pathways for customer acquisition, especially with Gen Z and millennial audiences in India.
Vineeta Singh, Co-founder and CEO, SUGAR Cosmetics said, “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.”
“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. 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,” added Kaushik Mukherjee, Cofounder & COO, SUGAR Cosmetics.
Singh’s investment announcement comes close on the heels of the company’s $50-million Series D fund-raise led by the Asia fund of L Catterton. The round also saw participation from other private equity funds and existing investors – A91 Partners, Elevation Capital and India Quotient.
“I have admired SUGAR’s ability to build a tremendous fan-following over the years and 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,” Singh stated.
SUGAR Cosmetics started off as a D2C brand in 2015 and expanded into offline trade in 2017. The brand clocks annual sales of more than ₹550 crore, with a physical presence across over 45,000. retail touch-points in 550 cities .