SUGAR Cosmetics Achieves Remarkable Growth with 89% Jump in FY23 Sales Despite Marginal Loss

Navigating Challenges, SUGAR Cosmetics’ Strategic Moves Propel Growth in the Beauty Industry


In a remarkable display of resilience and growth, SUGAR Cosmetics, led by Vineeta Singh, has reported impressive financial results for the fiscal year ending on March 31, 2023. Despite incurring a marginal loss, the beauty ecommerce brand witnessed an 89% surge in operating revenue, bringing it closer to the coveted INR 500 Cr mark.

Key Financial Highlights:

  1. Operating Revenue Soars to INR 420.2 Cr:
    • SUGAR Cosmetics experienced a substantial 89% increase in operating revenue, reaching INR 420.2 Cr in FY23, up from INR 221.8 Cr in the previous fiscal year. This surge underscores the brand’s growing prominence in the beauty and cosmetics industry.
  2. Net Loss Records Marginal Increase:
    • While the startup reported a net loss of INR 76.2 Cr, there was only a marginal increase from the INR 75.9 Cr loss incurred in FY22. This indicates a strategic focus on growth and market expansion, even amidst challenging market conditions.
  3. EBITDA Margin Improvement:
    • Noteworthy is the improvement in SUGAR Cosmetics’ EBITDA margin, which rose from -30.48% in FY22 to -14.55% in FY23. This positive trend signals the company’s efforts towards operational efficiency and financial sustainability.

Strategic Evolution and Market Presence:

  1. D2C Origins to Omnichannel Success:
    • Founded in 2015 by Vineeta Singh and Kaushik Mukherjee, SUGAR Cosmetics initially started as a direct-to-consumer (D2C) brand with a strong online presence. However, the brand strategically pivoted to an omnichannel model, leveraging both online and offline retail channels. Presently, SUGAR Cosmetics boasts a vast network of over 40,000 retail outlets across more than 550 cities in India.
  2. Product Portfolio and Market Reach:
    • Specializing in cosmetics and beauty products, the platform offers a diverse range of products in categories such as lips, eyes, face, nails, and skin. The brand’s expansive reach underscores its commitment to making quality beauty products accessible to consumers across the country.
  3. Total Revenue Inclusive of Other Income:
    • Taking into account other income streams, SUGAR Cosmetics’ total revenue for FY23 amounted to INR 428.3 Cr, marking an impressive 91.3% increase from the INR 223.8 Cr generated in the preceding fiscal year. This diverse revenue mix showcases the brand’s adaptability and agility in navigating the market dynamics.


SUGAR Cosmetics’ robust performance in FY23, marked by substantial revenue growth and strategic business evolution, positions the brand as a key player in the competitive beauty and cosmetics sector. Despite facing a marginal increase in net losses, the company’s commitment to an omnichannel approach and product excellence bodes well for its future trajectory in the dynamic Indian market. As SUGAR Cosmetics inches closer to the INR 500 Cr milestone, the beauty brand appears poised for continued success and market leadership.

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