Beauty and personal care retailer SUGAR Cosmetics has posted a 20% rise in its operating revenue for FY24 at Rs 505.10 crore, from Rs 420.28 crore in the previous year.
The omnichannel beauty brand managed to pare its losses by 11.3% to Rs 67.58 crore from Rs 76.24 crore in FY23, according to regulatory filings made with the Registrar of Companies (RoC).
Its bottomline was hurt by higher expenses during the year, which increased 15% to Rs 583.72 crore, mainly due to higher employee benefit expenses, finance costs, and other expenses.
SUGAR Cosmetics, which sells its products across channels including ecommerce marketplaces, quick commerce platforms, and general trade channels, last raised $50 million in May 2022. The round was led by L Catterton, with participation from existing investors A91 Partners, Elevation Capital and India Quotient.
How competition is faring
During the same period, SUGAR Cosmetics’ peer RENÉE Cosmetics nearly doubled its operating revenue to Rs 191.65 crore, from Rs 97.15 crore in FY23, according to a report by Entrackr citing RoC filings. However, the improvement in topline was accompanied by higher losses, which increased from Rs 32.66 crore to Rs 61.45 crore.
In June this year, RENÉE Cosmetics raised Rs 100 crore (around $12 million) in a Series B round led by existing investors Evolvence India and Edelweiss Group, at a valuation of Rs 1,200 crore to Rs 1,400 crore.
In pic: Vineeta Singh and Kaushik Mukherjee, Co-founders of SUGAR Cosmetics
