Sugar Cosmetics raises $50 million in L Catterton-led funding round

(Source: supplied)

Indian omnichannel beauty company Sugar Cosmetics has raised US$50 million during a series D funding round led by private equity company L Catterton, part-owned by luxury house LVMH. 

Existing investors, such as A91 Partners, Elevation Capital, and India Quotient, also participated in the fundraising. Sugar said L Catterton’s expertise will help the company embark on its next stage of growth in India’s beauty and personal care market, which is expected to reach approximately US$21 billion in 2025. 

“We have been impressed with how Sugar has sustained its momentum of rapid growth across online and offline channels while maintaining healthy operating metrics,” said Anjana Sasidharan, MD at L Catterton Asia, who will be joining the company’s board. 

“With a product-first mindset and deep understanding of their target consumers, Sugar’s leadership team has established a strong position in India’s cosmetics market, which is at an exciting inflection point of expansion.”

Sugar Cosmetics, one of the fastest-growing premium beauty brands in India, is currently expanding its physical presence with more than 40,000 retail outlets across 550 cities. 

“L Catterton shares our ethos of truly understanding what matters most to consumers,” said Vineeta Singh, co-founder and CEO of Sugar. “The firm’s brand-building and value-creation capabilities will fortify our growth as we continue on our journey of delighting and over-delivering on the expectations of our customers and fans.”

L Catterton’s current and past investments in beauty and personal care sectors include Sociolla, The Honest Company, and Tula. 

Footnote: The company has asked us to clarify that “L Catterton invests independently of LVMH, which does not have any control over the firm’s investment decisions”.

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