Sugar Cosmetics’ parent company, along with ENN, will join the skincare category, which is anticipated to develop enormously over the next 12-24 months.
As reported by The Economic Times, Sugar Cosmetics’ parent company, Vellvette Lifestyle Pvt. Ltd., has acquired a 51 percent share in natural skin and hair care brand ENN Beauty, further consolidating the country’s beauty and personal care industry.
Sugar Cosmetics, the Elevation Capital-backed cosmetics and personal care firm, raised $21 million in Series C investment in March of last year. According to insiders, the company is in discussions to raise $75-80 million in a fresh investment round, valuing the company at roughly $500 million.
Vineeta Singh, cofounder of Sugar Cosmetics stated“With ENN, we will enter the skincare category and we expect it to grow exponentially over the next 12-24 months” She further added, “The company is expected to achieve Rs 100 crore in annualised revenues over the next 12-18 months.” Nandeeta Manchanda, founder of ENN Beauty, will collaborate closely with the Sugar founders. Manchanda explained, “We had competing offers but the partnership with Sugar gives us immediate access to the market and the infrastructure that they have built, which would have taken us a longer time to build.” Additionally, she said, “This association will also help ENN Beauty in further strengthening and evolving their product range.”