SUGAR Cosmetics parent company acquires natural skin, haircare brand, ENN Beauty
Direct-to-consumer (D2C) beauty startup SUGAR Cosmetic’s parent firm, Vellvetter Lifestyle Pvt Ltd, has acquired a majority stake in the fast-growing natural skin and hair care brand, ENN Beauty, in line with a series of acquisitions that the industry has witnessed over the past one year.
Brands like Nykaa, MyGlamm, Purplle have been consolidating their product portfolio with acquisitions of various home-grown brands to tap a $20 billion market opportunity.
ENN Beauty claims to redefine the ingredient-led skin and haircare category by popularising natural and simple beauty hacks. ENN Beauty’s founder, Nandeeta Manchanda will work closely with Vineeta Singh and Kaushik Mukherjee, co-founders of Vellvette Lifestyle Pvt. Ltd. that owns SUGAR Cosmetics, to accelerate the brand’s online presence and enter the retail industry. This association will also help ENN Beauty in further strengthening and evolving its product range to suit Indian Millennials and Gen Zs, targeting a wider consumer group.
According to the RedSeer report, the beauty and personal care industry in 2020 was valued at $16 billion and expected to grow at a 12 per cent per annum to $28 billion by 2025. Over the past two years, the industry saw an explosion in high-quality beauty and skincare products at a value-for-money range, higher exposure to social media trends, affluence among India’s young and accessibility to new-age brands that have helped expand the demand for both local and foreign brands.
“Over the past decade, the beauty industry has evolved and undergone a sequence of changes owing to the close attention brands are now paying to the evolving needs of the consumer. In today’s day and age, consumers develop an affinity towards brands that not only sell a product to make them look beautiful, but also something that reflects their diverse personality and individuality. ENN Beauty has been on our radar for a while because of the exceptional work that Nandeeta has done in terms of product curation and innovation. With this new association, we plan to take her brand to a new high and make them an Indian household favourite. Our target for ENN Beauty will be to help deploy our playbook of scaling SUGAR to grow ENN Beauty past the Rs 100 crore annualised sales mark even faster,” Vineeta Singh, CEO & Co-founder of SUGAR Cosmetics said,
With this association, ENN Beauty will be able to leverage a digital audience of over 50 million beauty enthusiasts while it ramps up its retail presence to more than 100 outlets by the next financial year. The team will also look at re-strategising on the brand product’s average selling point to make it more accessible and desirable to women from Tier 2 and Tier 3 markets as well.
“The partnership with Vellvette Lifestyle Pvt. Ltd., that owns SUGAR Cosmetics, is yet another step in our endeavour towards giving consumers access to the best in natural skin care. As India’s own natural brand, ENN Beauty has always put ‘YOU’ and your health first and has offered products that are fun, safe, naturally sourced, and highly effective. The zest to reinvent age-old recipes and give it a modern twist along with Vellvette Lifestyle Pvt. Ltd., is a step towards endless possibilities. Our goal is to achieve this mark in the next two years and create products which are in harmony with ‘YOU’ and nature.” Nandeeta Manchandaa, founder of ENN Beauty noted.