The Sugar Cosmetics company on Saturday announced that the Bollywood star actor Ranveer Singh has made his initial startup investment in the direct-to-consumer (D2C) brand SUGAR Cosmetics. But the investment figure was not revealed by the company. SUGAR Cosmetics started off as a D2C brand in 2015 and then ventured into offline trade in the year 2017.
At present, it is clocking annual sales of more than Rs 550 crore with a physical presence with more than 45,000 retail touch points across the nation.
Ranveer Singh said, “I have admired SUGAR’s ability to build a tremendous fan-following over the years and I’m excited to be a part of this journey and help the brand achieve its mission of providing Indian women access to premium and quality makeup products specially formulated for them.” SUGAR Cosmetics raised $50 million in June, in series D funding led by the Asia fund of L Catterton. Ranveer’s latest investment is expected to further strengthen SUGAR’s expansion in other potential markets.
The co-founder and CEO of SUGAR Cosmetics, Vineeta Singh said, “SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped into roles and if someone shares the same DNA as ours, it is Ranveer.”
It is said by Kaushik Mukherjee, who is the co-founder and COO of the company that this would help supercharge their growth trajectory as they progress scaling SUGAR aggressively to build it into a large and much-loved makeup & beauty brand. Also, Ranveer’s wife Deepika Padukone had invested in various startups, through her investment arm KA Enterprises, like Epigamia, Nua, Blu Smart, Bellatrix Aerospace and Atomberg Technologies etc.