Sugar Cosmetics gears up for IPO in 2024 or 2025
Direct-to-customer beauty brand Sugar Cosmetics is gearing up to launch its initial public offering in 2024 or 2025 and first aims to roll out large scale expansion to push towards profitability, beginning by launching its 100th store.
Sugar Cosmetics will launch its 100th brick-and-mortar store this week and continue to expand its customer base with a focus on young women, ET Bureau reported. “The plan is to keep growing the engagement and with the focus on younger women, I feel that we have a chance to become the largest brand for young India,” Sugar Cosmetics’ CEO Vineeta Singh told The Economic Times.
As well as increasing its exclusive retail outlet count, the brand also aims to double its retail outlet total to 60,000 across India. As part of its expansion, Sugar Cosmetics will also double its workforce to reach 4,000 employees.
The brand predicts that this year will see 100% year-on-year growth compared to last year. In the 2022 financial year, the brand doubled its sales compared to the 2021 fiscal and despite pandemic challenges, according to Singh.
Although most shoppers discover the brand online, around 60% shop offline, making omni-channel the heart of Sugar Cosmetics’ approach. “For our category, offline is still about 85% of the market in India,” said Singh. “Once you get a significant market share online, then the next avenue for growth is offline.”
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