Sugar Cosmetics to target tier 2 towns for growth
Sugar Cosmetics is planning to expand its retail footprint across India by adding 100 new stores next year targeting tier 2 towns to drive its next phase of growth.
The Mumbai-based make-up brand, Sugar Cosmetics -- which was founded in 2012 by Kaushik Mukherjee and Vineeta Singh -- had raised around Rs 70 crore ($9.8 million) in January this year to fund its offline expansion plans.
The company has been witnessing a growth rate of over 700 percent and expects to clock Rs 100 crore revenue in the coming fiscal.
Currently, metro cities contribute around 70 percent to the company’s overall business. However, the brand expects the next phase of growth to come from tier 2 cities.
"We did a pilot by setting up a kiosk at a mall in Siliguri (in West Bengal), which has got us very good response. We are now looking at opening a store in Guwahati," Singh told the Business Today.
"The company, which started off as an online brand, is looking at opening 100 stores by end of 2020, bulk of which will be in tier 2 towns.”
Sugar Cosmetics is currently available in over 900 multi-brand stores and has six standalone stores in Amritsar, Delhi, Bangalore, Hyderabad, and Kolkata.
The brand also has a strong online presence with its website and also sells its products across platforms such as Amazon India, Nykaa and others.
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