Vellvette Lifestyle Pvt. Ltd., the parent company of SUGAR Cosmetics - premium beauty brand, has signed an agreement to pick up the majority stake in fast-growing natural skin & hair care brand – ENN Beauty.
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 & Gen Zs, targeting a wider consumer group, according to a press statement.
According to the RedSeer report, the beauty and personal care industry in 2020 was valued at $16 billilon and expected to grow at a 12 percent per annum to $28 billion by 2025. Just the past two years has witnessed 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 demand for both local and foreign brands.
Vineeta Singh, CEO and Co-founder of SUGAR Cosmetics said, “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 annualized sales mark even faster.”
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 100+ outlets by the next financial year. The team will also look at re-strategizing 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 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,” added Nandeeta Manchandaa, Founder, ENN Beauty.
