Actor Ranveer Singh has invested in Indian beauty brand Sugar Cosmetics, which follows a $50 million Series D fundraiser for the start-up, according to the Indian Economic Times.
WHO: 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 45,000+ retail touch points across more than 550 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 financial injection is said to help the company expand into other potential markets. According to a statement by Sugar Cosmetics, Singh will act as a “brand evangelist and build connect across key markets.”
Sugar expects this partnership to cement its position as a fan favorite and create new pathways for customer acquisition, particularly with the Gen Z and millennial audiences in India.
IN THEIR OWN WORDS: Ranveer Singh said in a statement, "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 Sugar family. 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! 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 Sugar aggressively to build it into a large and much-loved makeup & beauty brand," said Kaushik Mukherjee, co-founder and COO, Sugar Cosmetics.
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