Sugar Cosmetics continues to expand amid coronavirus pandemic
Beauty brand Sugar Cosmetics is on an expansion spree and recently opened its sixth store amid the coronavirus pandemic.
The brand recently opened its third store at the Oberoi Mall in Mumbai with an area of 350 square feet. The store will house over 450 beauty and makeup products.
Sugar Cosmetics had recently raised $2 million (Rs 15 crore) in a Series C funding round led by Stride Ventures, which it has been using to fuel its expansion plans across India.
Commenting on the expansion, Vineeta Singh, co-founder and chief executive officer, in a statement said: “According to our research, almost 60 percent of Sugar’s customers prefer to shop in brick-and-mortar outlets as they still crave that in-person interaction with a beauty advisor and the touch and feel the experience that a store can provide. Keeping these factors in mind we launched our third brand-owned outlets in Mumbai and don’t plan to stop our on-ground expansion.”
Launched in 2015 by IIM-Ahmedabad graduates, Vineeta Singh and Kaushik Mukherjee, Sugar Cosmetics currently sells online, as well from its offline outlets across India. The company had clocked net revenue of Rs 105 crore in the financial year 2020.
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