SUGAR Cosmetics' parent company picks up majority stake in ENN Beauty
ENN Beauty’s founder Nandeeta Manchandaa will continue to be the CEO as the brand targets crossing Rs 100 Cr in annualised sales in the next two years
Vellvette Lifestyle Pvt Ltd., which runs, has acquired majority stake in natural hair and skin care brand amidst a boom in the personal care and beauty industry.
Founded by Nandeeta Manchandaa in 2011, ENN Beauty sells lip balms, scrubs, undereye cream, and hair care products. Nandeeta will work closely with SUGAR Cosmetics' co-founders Vineeta Singh and Kaushik Mukherjee, and leverage the cosmetic seller's more than 10,000 retail touchpoints and digital presence.
"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 favorite," SUGAR Cosmetics' Vineeta said in a statement shared by the company.
The acquisition comes at a time when new-age brands, including(earlier known as MyGlamm), and online marketplaces Purplle and Nykaa are on an acquisition spree. While The Good Glamm Group acquired Baby Chakra, feminine hygiene brand Sirona and content platform , among others-- acquired skincare brand , among others.
Vellvette Lifestyle-run SUGAR Cosmetics was founded in 2015 by IIM-Ahmedabad graduate Vineeta and her husband Kaushik. The firm raised $21 million from Elevation Capital in Series C round in October 2020.
"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 added.
The beauty and personal care industry is expected to reach $28 billion by 2025, growing 12 percent per annum, from $16 billion in 2020, according to a RedSeer report.
Edited by Anju Narayanan