New Delhi: Bollywood superstar Ranveer Singh has invested in Sugar Cosmetics, a leading omnichannel beauty company among Gen Z and Millennial consumers. This collaboration is expected to solidify Sugar's fan favourite status and open up new channels for customer acquisition, particularly among Gen Z and millennial audiences in India.
Excited about this new partnership, Ranveer Singh added, "Defying the conventional has been embedded in my DNA and I take pride in partnering with a brand that believes in empowering women. 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 & quality makeup products specially formulated for them."
Commenting on the announcement, Vineeta Singh, Co-founder and CEO, Sugar Cosmetics said, "We are absolutely thrilled to welcome Ranveer to the family. The brand 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! His personality of being bold, quirky, and vibrant makes the partnership a natural fit."
"We are delighted to have Ranveer on board as we look forward to reinforcing our brand connect with consumers. He is undoubtedly one of the most popular youth icons in the country and his unstoppable and clutter-breaking personality fits very well with the brand ethos of Sugar. This will help supercharge our growth trajectory as we continue scaling the brand aggressively to build it into a large and much-loved makeup & beauty brand," said Kaushik Mukherjee, its Co-founder & COO.
Sugar Cosmetics began as a direct-to-consumer brand in 2015, but quickly expanded into the offline market in 2017. Today, the brand generates annual sales of more than INR 550+ crores and has a physical presence with 45,000+ retail touch points in 550+ cities.
Ranveer's investment comes on the heels of a $50 million Series D fundraise led by L Catterton's Asia fund, the world's largest consumer-focused private equity firm. Multiple private equity funds expressed strong interest in the expanded round, with existing investors A91 Partners, Elevation Capital, and India Quotient continuing to participate.