Direct to Consumer Beauty brand SUGAR Cosmetics aims to double its revenue and expand its offline presence to more than 60,000 stores in the next 12-15 months, SUGAR Cosmetics co-founder and CEO Binita Singh told Brandwagon Online. “Brick and mortar stores account for about 65% of our revenue. Over the past two years, we’ve continued to add shelf space as other brands have moved out of retail. At FY23, we expect offline retail shares to be around 70%, ”added Singh, next to Goafest 2022. So far, SUGAR Cosmetics is available across 30,000 stores across the country.
The company claims that 60% of the total business comes from outside the Tier 1 market, with international markets (including the Middle East, the United States and Nepal) accounting for about seven to eight percent. “International markets will continue to be below 10% as we focus on expanding India’s business. Once we reduce our trajectory in India, we will focus on these markets, ”said Singh. Market
Interestingly, Singh hopes to dominate offline retail purchases as a channel for the next 10 years while using online platforms like Instagram and YouTube to explore. “For women, learning to wear makeup has become a very important part of using and shopping. So far, the learning process that will take place in stores. However, in the last two years, we have brought that conversation to digital platforms. And one of the most visited categories, not only in English, but also in the regional language, ”he elaborated.
In January, Velvet Lifestyle, a parent company of SUGAR Cosmetics, took a 51% stake in skin and hair care brand ENN Beauty. The company claims that the skincare category accounts for less than five percent of today’s overall business. Furthermore, it aims to focus more on the cosmetics department, moving forward.
In terms of marketing, SUGAR Cosmetics aims to spend primarily on social media and television. The company looks to tap into young women who are looking for beauty related content online.
Read more: Studio Paperfry Over 35% of Overall Business: Naveen Murali, Paperfry
Follow us TwitterInstagram, LinkedIn, Facebook