Sugar Cosmetics aims to retail in 100,000 stores, expand with ENN Beauty stake
Beauty business Sugar Cosmetics aims to retail its products in one lakh stores in India this year and continue to expand its market share following its parent company Vellvette Lifestyle Private Limited’s majority stake in ENN Beauty.
“We will strengthen our core pillars- distribution, product, content and community- even more,” Sugar Cosmetics’ CEO and co-founder Vineeta Singh told Indo-Asian News Service about the business’ 2022 plans in an interview. “With a company turnover of more than Rs 500 crore, we aim to be in 100,000 stores by 2022 and to make Sugar one of India's top three brands in the overall colour cosmetics category.”
The business also aims to increase its current total of around 2,000 women employees to 3,000 in the near future order to solidify its commitment to being a women-led brand, according to Singh. By acquiring a majority stake in natural skincare brand ENN Beauty, Sugar Cosmetics plans to expand its market share in the fast growing cruelty-free and clean beauty segments.
“Aside from the onset of a pandemic, the Indian beauty industry has been rapidly expanding,” said Singh about the ENN Beauty acquisition. “According to the RedSeer report, the beauty and personal care industry was valued at $16 billion in 2020 and is expected to grow at a 12% annual rate to $28 billion by 2025. We will enter the skincare category with ENN Beauty, and we expect it to grow exponentially over the next 12- 24 months. Over the next 12- 18 months, the company expects to generate Rs 100 crore in annualised revenue.”
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