Vellvette Lifestyle, the parent company of Sugar Cosmetics, has acquired a 51 per cent stake in ENN Beauty which will unite the beauty and personal care sector in the country. “With ENN, we will enter the skincare sector and grow it in the next 12 to 24 months,” Vineeta Singh, co-founder of Sugar Cosmetics, said.
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Sugar Cosmetics is a beauty and personal care brand backed by investors like Elevation Capital. The company is in talks to raise $75-80 million in a new funding round that will value it at around $500 million. “The partnership with Sugar Cosmetics gives us immediate access to the market, and the infrastructure that they have built would have taken us a long time to build. It will also help ENN Beauty to strengthen and evolve their products range,” said ENN Beauty’s founder Nandeeta Manchanda.