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Beauty company SUGAR Cosmetics has closed its $50-million Series D fundraise round led by the Asia fund of the global consumer-focussed private equity firm, L Catterton. The “upsized round” also witnessed strong interest from multiple private equity funds, besides participation from existing investors, including A91 Partners, Elevation Capital and India Quotient.
Vineeta Singh, Co-Founder and CEO, SUGAR Cosmetics, said L Catterton’s expertise in building iconic consumer brands across the world and a strategic relationship with LVMH, would enable the company to embark on its next stage of growth.“
At SUGAR, we are devoted to creating innovative products that cater to the preferences of women with diverse skin tones and types. L Catterton shares our ethos of truly understanding what matters most to consumers. The firm’s brand-building and value-creation capabilities will fortify our growth as we continue on our journey,” she added.
The beauty brand said it has more than quadrupled sales over the past three years on the back of distribution and product portfolio expansion and impact-focussed content marketing. It has been focusing on strengthening its omnichannel presence across the country, especially in tier-2 and tier-3 markets. Earlier this month, Singh told BusinessLine that the company plans to grow the products’ presence across 60,000 stores in the country.
Rising adoption of online shopping and greater product penetration in secondary cities is expected to help India’s beauty and personal care market to touch the $21 billion-mark by 2025.
Anjana Sasidharan, L Catterton Asia Managing Director said, “We have been impressed with how SUGAR has sustained its momentum of rapid growth across online and offline channels, while maintaining healthy operating metrics We look forward to partnering with the company to 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.”
L Catterton has a significant experience investing globally in the beauty and personal care space. Its current and past investments in the space have been in brands such as The Honest Company, TULA, Intercos, Bliss and ELEMIS, among others.