Sugar Cosmetics, the prevalent magnificence and individual care brand, has posted a 20% rise in working income for the monetary year 2024, coming to Rs 505.10 crore, up from Rs 420.28 crore in FY23. The omnichannel retailer moreover overseen to diminish its net misfortunes by 11.3 per cent, bringing them down to Rs 67.58 crore from Rs 76.24 crore in the past year.

Despite the income development, Sugar Cosmetics confronted a rise in costs, which developed by 15 per cent to Rs 583.72 crore. The increment in costs was fundamentally credited to higher representative benefits, back charges, and other operational costs, affecting its foot line.

The brand, which works over numerous deals channels counting e-commerce, speedy commerce, and common exchange, has proceeded to scale its operations. In May 2022, Sugar Beauty care products raised $50 million in a subsidizing circular driven by L Catterton, with bolster from existing speculators A91 Accomplices, Rise Capital, and India Quotient.

Meanwhile, Sugar’s competitor, Renee Cosmetics, has seen amazing development, about multiplying its working income to Rs 191.65 crore for FY24, up from Rs 97.15 crore in the past year. Be that as it may, the company’s misfortunes have too developed, rising from Rs 32.66 crore to Rs 61.45 crore.

In June 2024, Renee Cosmetics secured Rs 100 crore in an Arrangement B subsidizing circular, driven by Evolvence India and Edelweiss Gather, bringing its valuation to between Rs 1,200 crore and Rs 1,400 crore.

Both Sugar and Renee are exploring a competitive and quickly developing magnificence advertise in India, adjusting income development with the challenges of rising costs and benefit.

source: bwdisrupt.