Beauty is more than skin deep! And the evidence lies in how premium beauty brand SUGAR has established a Rs 100 crore business in a short span of seven years.
At a time when the market was dominated by players like Lakmé, L’Oréal and MAC Cosmetics, IIM Ahmedabad alumni Vineeta Singh and Kaushik Mukherjee found the beauty brand SUGAR in 2012. “We realized the gap in the range of prices offered by the brands. Lipsticks were priced at either Rs 150 or Rs 1,400. We introduced SUGAR lipsticks with a mid-range of Rs 500 to Rs 600,” recalls Mukherjee. SUGAR products are available on its website and other online platforms like Nykaa and Amazon. Mukherjee informs, “When we introduced our first offline retail with Lifestyle in Hyderabad, we used the database of our online customers to invite them to visit the store. To not use data for your business in today’s age is the most stupid thing.” Today SUGAR boasts of its presence in 195 outlets in India.
With a team of 100-115 people, SUGAR has achieved impressive growth. But there is no stopping for this young warrior. “In the next 10 years, we want to grow 20 times and aspire to become a Rs 1000 crore business,” he beamingly mentions. SUGAR does not have a brand ambassador as the brand defies the idea of selling ‘an ideal beauty’ with its products.
AS SWEET AS IT GETS
• In terms of packaging, a distinct look was created for SUGAR using the triangulated illustration style with the quirkiness to appeal to a younger demographic.
• 10 percent of SUGAR’s revenue is generated from the international market, 45 percent from online and 45 percent from retail.
• Jet black matte eyeliner is one of its bestselling products.
• All SUGAR products are made in six countries Germany, Italy, the USA, Korea, China, and India.
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