Omnichannel beauty retailer Sugar Cosmetics reported a substantial 90% growth in revenues for the recently concluded fiscal year, FY23. The company, well-regarded among Gen Z and Millennial consumers, also saw a notable 16% improvement in its EBITDA margin during the same period, the beauty retailer announced in a release on Tuesday.
In FY23, Sugar Cosmetics recorded a sharp rise in income, reaching 428.4 crore, up from 223.8 crore in the previous year. Notably, losses for the year were contained to FY22 levels, leading to an enhancement of overall EBITDA margins from -31.4% in FY22 to -16.5% in FY23. This positive shift positions the company on a trajectory to break even in the current fiscal year.
“We are excited to continue to grow into becoming a key player in India’s fast-growing beauty & personal care landscape. This year’s jump in scale while improving our bottom line is a testimony to our discipline and commitment to becoming a large and profitable enterprise,” Kaushik Mukherjee, Co-Founder & COO of Sugar Cosmetics said.
With gross margins trending at nearly 73%, a significant increase of 280 basis points over FY22, Sugar Cosmetics is confident in achieving break-even in the current fiscal year. The company’s dedication to product innovation, marketing excellence, and financial stability has solidified its standing as a prominent player in the beauty and cosmetics sector, competing with many legacy brands, the release added.
Sugar Cosmetics, known for its ever-expanding portfolio of top-tier products and a loyal customer base, continues to strive for success in India’s fast-growing beauty and cosmetics industry. The brand, with a focus on crafting cruelty-free products suitable for every Indian skin tone, has rapidly scaled its physical presence with over 45,000 retail touchpoints across more than 550 cities.
