February 21, 2024
Omnichannel magnificence retailer Sugar Cosmetics reported an 89% year-on-year rise in its income from operations for FY23 to Rs 420 crore, at the same time as its internet loss remained flat round Rs 76 crore.

The Mumbai-based firm’s complete bills rose 68% on 12 months to Rs 505 crore in FY23, primarily as a result of greater spending for purchases of stock-in-trade, in response to regulatory filings sourced from Tofler.

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Throughout the 12 months below overview, Sugar Cosmetics expanded its offline presence considerably and almost doubled its retailer depend to round 200 within the twelve months to June 2023.

For digital-first retail manufacturers, offline growth entails storing greater portions of inventories, resulting in elevated expenditure on inventory purchases.

Sugar Cosmetics, based by Vineeta Singh and Kaushik Mukherjee in 2015, began off as an online-first direct-to-consumer (D2C) magnificence model and later expanded into offline channels.

The corporate’s promoting spend additionally elevated 67% on 12 months in FY23 to Rs 162 crore – nearly 38% of its working income.

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In November, the corporate had mentioned it was on monitor to hit profitability by the tip of the continuing fiscal 12 months.In April 2022, it raised $50 million in a spherical led by L Catterton, with current traders A91 Companions, Elevation Capital and India Quotient additionally taking part.

Sugar Cosmetics competes within the magnificence and private care area with the likes of Mamaearth father or mother Honasa Client, Abu Dhabi Funding Authority-backed omnichannel magnificence retailer Purplle, GIC and ChrysCapital-backed Wow Pores and skin Science and quite a few different smaller D2C corporations.

The income progress clocked by Sugar Cosmetics mirrors a development witnessed by different magnificence and private care corporations within the final monetary 12 months.

A91 Companions and Unilever Ventures-backed D2C magnificence model Plum reported a 71% rise in FY23 income to Rs 322 crore. Equally, Purplle noticed its working income double to Rs 475 crore through the 12 months.

A joint examine by Redseer Technique Consultants and Peak XV Companions pegged India’s magnificence and private care market to develop at a compound annual progress charge of 10% between 2022 and 2027, surpassing international markets, to $30 billion.