Sugar Cosmetics to open 150 exclusive outlets by year end
Mumbai-based direct-to-consumer (D2C) cosmetics brand Sugar Cosmetics plans to expand its network of exclusive brand stores with the addition of 50 new stores across the country.
The company recently opened its 100th brand-owned store in Chennai and plans to continue with its expansion in the coming months.
Last week, the company announced a raise of $50 million (Rs 375 crore) in Series D funding led by the Asia fund of L Catterton, which is a joint venture investment vehicle owned by LVMH, the Arnault Group, and America-based Catterton.
“Internally, we have a target of having 200 brand-owned stores. By the end of the year, we expect to have at least 150 exclusive brand outlets and a lot of that expansion will be focussed on the South Indian market,” Vineeta Singh, co-founder CEO of Sugar Cosmetics told BusinessLine.
“As a brand, we are almost getting 24 percent of our business from the South, which is rare for make-up brands as most other brands are concentrated mostly on the North Indian market,” Singh added.
Founded in 2015 by Vineet Singh and Kaushik Mukherjee, Sugar Cosmetics products are currently available across 35,000 multi-brand outlets spread across 550 cities in the country.
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