SUGAR Cosmetics: How India's Boldest Beauty Bet Rose — and What Reset It
SUGAR went from ₹3 crore in FY17 to ₹505 crore in FY24 — then gave back 18% of that in a single year as its valuation fell 83% from peak. This case study unpacks the subscription-box insight that built the brand, the omnichannel expansion that scaled it, and the four-brand trap that set it back.
·18 min read
