SUGAR Cosmetics, one of India’s largest omnichannel beauty companies and a cult favorite among Gen Z and Millennial consumers, today announced Bollywood Superstar Ranveer Singh as its latest investor. This collaboration between the youth icon and one of the fastest growing premium beauty brands is expected to further cement SUGAR’s position as a fan favorite and open up new avenues for customer acquisition, especially with the Gen Z and millennial audiences in India.
Ranveer Singh Makes His First Startup Investment With SUGAR Cosmetics
Excited about this new partnership, Ranveer Singh added: “Defying the conventional is in my DNA and I am proud to partner with a brand that believes in women’s empowerment. I have admired SUGAR’s ability to building a huge following of fans over the years and I am excited to be a part of this journey and help the brand achieve its mission of giving Indian women access to high quality and premium makeup products formulated just for them .”
Commenting on the announcement, Vineeta Singh, Co-Founder and CEO of SUGAR Cosmetics said: “We are absolutely delighted to welcome Ranveer to the SUGAR family. SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped. in roles and if anyone shares the same DNA as ours, it’s Ranveer! His personality of bold, quirky and lively makes the partnership a natural match.”
“We are delighted to have Ranveer on board as we look forward to strengthening our brand engagement with consumers. He is undoubtedly one of the most popular youth icons in the country and his unstoppable and messy personality fits very well with SUGAR’s brand ethos. This will boost our growth trajectory as we continue to aggressively scale SUGAR to build it into a major and beloved makeup and beauty brand,” said Kaushik Mukherjee, Co-Founder and COO of SUGAR Cosmetics.
SUGAR Cosmetics started in 2015 as a D2C brand that quickly ventured into the offline business in 2017. Today, the brand posts annual sales of over INR 550+ Crores with a physical presence with 45,000+ retail touchpoints in over 550 cities as of today. With an extensive portfolio of high-quality products that resonate with consumers, SUGAR has built a loyal customer base and more than quadrupled sales in the past three years. The effective use of new-age, impact-focused content marketing has helped the company develop lasting emotional connections with a wide variety of consumer cohorts.
Ranveer Singh’s investment announcement comes close on the heels of the $50 million Series D fundraising led by the Asia fund of L Catterton, the largest global consumer-focused private equity firm. The larger round saw strong interest from multiple private equity funds with continued participation from existing investors – A91 Partners, Elevation Capital and India Quotient.
Also Read: Ranveer Singh Wins Best Actor Award at 67th Filmfare Awards for ’83; says “Ranveer Singh powered by Deepika Padukone”
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