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India's Sugar Cosmetics Takes a Majority Stake in ENN Beauty

January 17, 2022
January 17, 2022
ENN Beauty

Sugar Cosmetics' parent company Vellvette Lifestyle Pvt. Ltd. has acquired a majority stake in natural skincare and haircare brand ENN Beauty.

WHO: ENN Beauty is a natural and delectable skincare, lip care, and haircare brand. It has its roots deep in the amalgamation of age-old traditions and modern aesthetics. At ENN Beauty, every product is well thought of and brought to life through extensive research and development. Handcrafted in India, the products are curated using methods that meet the high standards of clarity, authenticity, and quality. Inspired by nature, ENN Beauty strives to give nothing but the best to its customers. The brand strives to extract the finest from flora's vast repertoire and recreate renewed seasonal preparations using fresh fruit and plant extracts with the infusions of rare essential oils. ENN Beauty is an untainted blend made from an understanding of beauty with a modern and fresher twist to produce an extensive experience.

Sugar Cosmetics was founded in 2015 by Vineeta Singh and Kaushik Mukherjee as a direct-to-consumer beauty brand with products specifically created to suit Indian skin tones. While e-commerce still contributes to half of the business' revenue, Sugar has built an omnichannel distribution network that includes 10,000+ retail outlets across 130+ cities, taking its award-winning range to the doorstep of beauty enthusiasts across the country as one of the fastest-growing premium beauty brands in India.

WHY: The investment will enable ENN Beauty to accelerate its online presence and enter retail distribution.

IN THEIR OWN WORDS: Vineeta Singh, CEO and co-founder of Sugar Cosmetics, said, "Over the past decade, the beauty industry has evolved and undergone a sequence of changes owing to the close attention brands are now paying to the evolving needs of the consumer. In today's day and age, consumers develop an affinity towards brands that not only sell a product to make them look beautiful, but also something that reflects their diverse personality and individuality. ENN Beauty has been on our radar for a while because of the exceptional work that Nandeeta has done in terms of product curation and innovation. With this new association, we plan to take her brand to a new high and make them an Indian household favourite. Our target for ENN Beauty will be to help deploy our playbook of scaling SUGAR to grow ENN Beauty past the Rs.100 CR annualized sales mark even faster."

"The partnership with Vellvette Lifestyle Pvt. Ltd., that owns Sugar Cosmetics, is yet another step in our endeavour towards giving consumers access to the best in natural skin care. As India's own natural brand, ENN Beauty has always put 'YOU' and your health first and has offered products that are fun, safe, naturally sourced, and highly effective. The zest to reinvent age-old recipes and give it a modern twist along with Vellvette Lifestyle Pvt. Ltd., is a step towards endless possibilities. Our goal is to achieve this mark in the next two years and create products which are in harmony with 'YOU' and nature," added Nandeeta Manchandaa, founder of ENN Beauty.

DETAILS:

  • Sugar Cosmetics' parent company Vellvette Lifestyle Pvt. Ltd. has acquired a majority stake in ENN Beauty.
  • ENN Beauty's founder Nandeeta Manchandaa will continue to be the CEO as the brand targets crossing 100+ Cr in annualized sales in the next two years.
  • With this association, ENN Beauty will be able to leverage a digital audience of over 50+ million beauty enthusiasts—at the same time, ramping up its retail presence to 100+ outlets by the next financial year.
  • The team will also look at re-strategizing on the brand product's average selling point to make it more accessible and desirable to women from Tier 2 and Tier 3 markets.
  • In February 2021, Sugar Cosmetics raised $21 million in Series C funding from Elevation Capital and existing investors to fuel omnichannel growth.
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