India’s Sugar Cosmetics has announced it has closed a 50 million dollar Series D funding round led by the Asian arm of L Catterton.
Next to existing investors, the company said the upsized round saw strong interest from multiple private equity funds, each interested in capitalising on the growing beauty and personal care market in the region.
In a release, the omnichannel beauty company said that it hopes its next stage of growth will be bolstered by L Catterton’s ties to LVMH and its expertise in building global consumer brands.
It credits its ongoing success to a number of factors, including its new-age content marketing, e-commerce expansion, trade store partnerships and same-store-sales growth, all of which it said has helped to establish a strong omnichannel presence in India.
“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 L Catterton’s Asia managing director, Anjana Sasidharan, who will also be joining the company’s board.
Sasidharan continued: “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. We look forward to partnering with the company to thoughtfully unlock international exposure and drive further growth, leveraging our experience of working with over 20 beauty and personal care companies in L Catterton’s portfolio across the Americas, Europe and Asia.”
The private equity firm has invested in a broad range of beauty and personal care brands, including the likes of Intercos, The Honest Company, Tula, Elemis and Function of Beauty.