About Sugar Cosmetics comapany
SUGAR Cosmetics co-founders Vinita Singh and Kaushik Mukherjee were at the ninth position when their brand earned Rs 105 crore in net revenue for FY19-20.
Founded in 2015, the Mumbai-based startup was making monthly sales of Rs 5 crore to Rs 10 crore by January 2020, and had a revenue target of Rs 200 crore this year.
However, the company has come up with innovative ways to strengthen the trust relationship between its brand and customers. From cutting costs and pushing the team again to social media marketing and ecommerce, SUGAR cosmetics carved a niche for themselves in the fast-growing beauty market and survived the epidemic.
Early life startup:
In 2015, when Vinita Singh and Kaushik Mukherjee started their second venture, “Nothing Else”. The reason: Her first startup, a monthly makeup and beauty subscription for women called Fabag, was not in fantastic shape. Despite three years of operations, the venture did not grow. The business was mired in recurring revenue greed. “Mukherjee said that India was not ready for beauty-based membership. He explains how Fabbag works: Every month, a customer will receive a bag with four to five beauty products, curated from different brands based on the consumer’s skin type and makeup choice.. The second venture, again in cosmetics and direct to the consumer, was Chinese cosmetics – and shot at their redemption.
The first year of operation, which saw sales of 52 lakhs, was not close to what they had both imagined. Although the figures were better than fagbags, they were not enough. To begin, the curse of bootstrapped life struck him: a shortage of working capital. Despite increasing demand, only three products could be launched in the first year. In fact, they could not import any of their products from Germany for six months. In the end, the two took out loans, paid the makers, approved the dues, and imported the product that became their bestseller: Lip Crayon. Revenue increased nearly six-fold in the second year 3 crores.
SUGAR cosmetics was co-founded by Kaushik Mukherjee, who is not only Vinita’s business partner, but also her life partner. The pair met during their school days at IIM Ahmedabad and, joining forces together, decided to fulfill their common dream of forming an e-commerce company. While Vineeta takes care of the finances of the venture, Kaushik looks after the technology and operations. Managing these different domains of his company has enabled him to contribute to the common cause without much conflict.
Today, SUGAR cosmetics is made up of a team of 1,450 strong employees. “We are training around 1,000 business associates on more than 60,000 products, with over 60,000 training videos and at least 40 online quizzes to improve our skills,” says Vinita. The focus is on how to keep up with the ‘focused, different visual merchandising trends, using gifts with purchase and other offers provided by the brand for sales gains, etc. “It is this level of preparedness that has helped startups face the on-going epidemic.
Vineeta Singh Early life:
Most individuals pursuing a master’s degree in business administration are doing so to enjoy the benefits of corporate life, once you are placed, you reap the benefits. Such professionals are always high in demand as they help the company grow, and take it on the road to success. Vinita Singh also had a similar plan when she joined IIM Ahmedabad to complete her MBA studies. Little did she know that she would be bitten by the entrepreneurial bug until she graduated from a respected institution.
Kaushik mukherjee early life:
Sugar, founded in 2012 by Indian Institute of Management-Ahmedabad graduates Kaushik Mukherjee and Vinita Singh, started as an online brand for women’s cosmetics and sold their products on platforms such as Amazon India and Nyika . The Chinese beauty subscription service and e-commerce site is operated by Velvet Lifestyle Private Limited.
Vineeta singh and Kaushik mukherjee are partner of bussiness even also life partner.they are husband wife.
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