Ranveer Singh invests in the beauty company Sugar Cosmetics
The company, which began as a direct-to-consumer beauty brand in 2015, raised $50 million in Series D funding in June, led by L Catterton and including previous investors A91 Partners, Elevation Capital, and India Quotient. Ranveer Singh investment follows this round of funding.
According to a statement from the company, Ranveer Singh will serve as the brand evangelist and develop brand connections in important markets. The collaboration will support the company’s efforts to “create new pathways for customer acquisition”, particularly with Indian Gen Z and millennial audiences. With the investment, Sugar will target expansion in additional potential markets.
“We are excited to strengthen our brand connection with customers and are thrilled to have Ranveer on board. He is without a doubt one of the most well-known youth icons in the nation, and the Sugar brand is a perfect fit for his unstoppable and clutter-busting personality. As we continue scaling Sugar aggressively to grow it into a sizable and well-liked makeup and beauty brand, this will help accelerate our growth trajectory,” according to Kaushik Mukherjee, co-founder and COO of Sugar Cosmetics.
With a physical presence at 45,000 retail touch points spread across more than 550 cities, Sugar generates annual sales of over 550 crores. It offers a variety of coloured cosmetics, including lip and eye colors, both online and offline.