The private equity firm backed by LVMH and Group Arnault led the $50 million funding round and was joined by the cosmetics company’s existing investors A91 Partners, Elevation Capital and India Quotient.
L Catterton said it has worked with more than 20 beauty and personal care companies across the Americas, Europe, and Asia, including Intercos, Tula, Marubi, Merit and Sociolla and “looks forward to leveraging this experience as it partners with Sugar to thoughtfully unlock international exposure and drive further growth.”
Sugar said the funds raised will help it further gain market share in India’s beauty and personal care market, which is projected to reach a value of about $21 billion in 2025. Mumbai-based Sugar targets Gen Z and millennials and is scaling its physical presence with more than 40,000 retail doors across over 550 cities.
“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 Anjana Sasidharan, L Catterton Asia managing director, who will be joining the company’s board.
L Catterton has been rapidly expanding its fashion and beauty portfolio, including a share in direct-to-consumer hair extension company Bellami Hair in May, and majority stakes in Birkenstock and Italian fashion company Etro last year.
Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholder’s documentation guaranteeing BoF’s complete editorial independence.
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