Meet the daring lady who hushed a 1 Cr pre-placement offer to build her 200 Cr worth cosmetics empire

"I have my own definition of success. I always think that if you have the freedom to do whatever you want without getting scared of failing, that's what success tastes like to me..." 

Vineeta Singh is the co-founder and CEO of SUGAR Cosmetics. From turning down a pre-placement offer worth one crore from Deutsche Bank to establishing her 200 crore brand in the already cluttered Indian cosmetic market, she has really forged ahead and has come a long way.

Everybody wishes to be their own boss and become an entrepreneur. Some even succeed and become market leaders after taking the plunge towards setting up their businesses. But how many actually have the heart to dismiss an alluring bid for employment worth a crore and take the huge risk of investing in building a start-up in the face of such a huge competition in the market?

Neglecting a lucrative job offer- Vineeta pursued her dream of being an entrepreneur- setting a model for her batchmates as well as for a whole age of business visionaries confronting a comparable quandary at a time when people used to view the concept of a start-up with a lot of skepticism.

 

 

 

 

 

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A post shared by Vineeta Singh (@runophilia)

"I was only 23 when I turned down that job offer. I wasn't really sure what I was signing up for and had my apprehensions, but I have this philosophy that I don't want to live with any regrets. I was also very passionate about being an entrepreneur. All I was aware of was that if I don't do this right now, it's most likely that I’ll regret this throughout my life. I just dived into my dream! " 

Back then, Vineeta also got featured on the cover page of the WEEK for being the youngest flag-bearer to decline an offer worth a crore from a global investment bank to embrace the start-up culture.

Assuredly, it did turn out into one of the most successful and profitable decisions for her. It was a choice worth the calculated risk, wasn't it?

Today SUGAR cosmetics is a clique, classy, and most loved make-up brand amongst the Millenials and GenZ girls with a net income of over INR 200 crores.  A new-age beauty brand, its focus revolves around the peculiarities of the Indian skin tone. 

It isn't surprising that the brand which has items intended to be trendy, long-lasting, high on style and performance –especially "Matte liquid lipsticks and Matte bold eyeliners"- is driving a phenomenal upheaval in the cosmetics industry.

The uncertainties surrounding the start-up journey

"I don't come from a lineage of a business-minded family, so the prospect of beginning one all alone was quite scary. I wasn't prepared for all the difficulties and hard work it required initially." 

When you are studying in any Management college, you are basically learning businesses on paper and honestly, you aren't aware of what goes into creating one. The learning comes only with trial, tribulations, and experience- for that one has to make a move in the first place.

“It did send jitters down my body. But at 23,  you are really bold, ambitious, and have an optimistic outlook towards everything in life. So, you prima facie believe that everything is possible, and that was my entire ideology”,  Vineeta shares.

Nonetheless, she prepared herself for the hustle, and for the next following years after she graduated from IIM Ahmedabad, she got familiar with scaling organizations and other vital data.  

“The initial years were truly hard on me, and I had my doubts and apprehensions. I must admit that now and then, I used to think if it would be worth it. Any large business takes years of tenacious struggles and consistent efforts before it actually takes off.”

But the actual trick is to hang in there and keep working on it until you succeed. 

“I got lucky in the way that I patiently persevered for many years before I got the breakthrough in the market with SUGAR cosmetics”, a brand that is loved by the women of the 21st century!

What led to the beginning of “SUGAR”?

Back in 2015, before Vineeta Singh and Kaushik Mukherjee-her husband and co-partner- launched SUGAR cosmetics in the Indian market, they were running an eCommerce organization. Their business primarily centered around young millennial women who were quite active on social media platforms.  

"We realized there is a paradigm in the shift happening with this generation, such as:"

• The GenZ women have started to become more aware of various beauty products and are wearing make-up regularly as compared to their mothers.
• Many women of the 21st century are now stepping out of their houses and working, so they need better and long-lasting cosmetic products to cater to their outdoor needs.
• They are more inspired and influenced by the common women around them as opposed to celebrities. They want products that blend with their specific Indian skin tones, last all day, are trending, and are also affordable.

Hence, SUGAR was born as a new-age beauty brand keeping in mind this newly-discovered customer insight and the desire of today's women to have more inclusive, long-lasting, Indian weather-friendly, Matte make-up products that align with the international standards but are still light on the pockets.

“The Indian cosmetics industry is worth a whopping 8500 crores. We are still a new player with only 2% market share in the industry. But our ambition is much bigger and that is what keeps us going. We strongly believe that we have the capacity to grow 5-10% from here”, concludes Vineeta.

What makes SUGAR cosmetics one of a kind in the Indian cosmetics industry?

With 2500+ Retail outlets in a mere span of five years along with giving fierce competition to the expensive makeup brands in its manufacturing and articulation, SUGAR is likewise wooing its customers with its unique packaging style. 

• The way the brand has been focussing on the little subtleties- whether its including a blending brush on the other end of its "Age of Face" foundation stick or including a touch-up pad and mirror along with its loose powder tub- SUGAR is leaving no stone unturned in leaving a lasting impression on the women of today! 
  
• Also, unlike other premium make-up brands, SUGAR's philosophy doesn't revolve around using a celebrity face as its brand ambassador. It centers around the needs, skin tone, and texture of regular Indian women. 
  
• The organization's promotional strategies are based on anchoring on the insights provided by its customers. Isn't it amazing?

What's the organization's success mantra?  To convey worth to its customers and put resources into those business areas that permit them to deliver those values.  To ensure a superb performance, the organization spends a lot of time adjusting the exhibition of each of its products. 

The SUGAR Power Couple

What might come as news for the majority is that Vineeta Singh founded SUGAR cosmetics along with her husband Kaushik Mukherjee. The power couple ran into each other during their Business school days at IIM Ahmedabad and transformed their endearment into a deep-rooted personal relationship and professional partnership – by and by and expertly. 

"We used to study together at IIM Ahmedabad and the two of us interned at investment banks. Kaushik was working at McKinsey and I was focusing on my entrepreneurship regimen prior to uniting," recollects Vineeta.

 

 

 

 

 

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A post shared by Vineeta Singh (@runophilia)

"I was enthusiastic about a consumer-oriented product business focusing on today's women and Kaushik was amped up for building an online business organization. In this way, a one-of-a-kind digital beauty brand ended up being a superb cross-over of both of our inclinations." Hence, Vineeta looks after the functions of Product Development and Kaushik takes care of the E-commerce department of the organization.

Both of them together felt major cooperative energy that could address their interests. "We were cautioned against getting into a business with one another however we had our basics straight: respect and regard for one another's abilities, a common passion, and synergy," she adds.

“There were times when we were prospering and then there were other times when we were having our differences, especially during this COVID lockdown period.”

As per Vineeta, the key elements required for building a healthy business partnership with your life partner are:

• Keeping a boundary and figuring out a way of working together with minimal arguments. 
• Separating personal life from professional life
• Distributing the functions and departments of the organization and not interfering in each other's area of work. 
• However, the most important aspect is having mutual respect for each other.  

"We do listen to each other's point of view but never force our decisions on each other. We always try to mutually come to a decision on what's best for the company and family at home."

The best part about getting into a business partnership with your accomplice is the trust that falls into place without a hitch. “Keeping your ego at the door and not trying hard to win every argument can be your biggest asset.”

“Obviously, our relationship has been put to test several times. Fortunately, we've emerged from it stronger than before. Ours is indeed an extraordinary and magical partnership,” concludes Vineeta.

The importance of “Me Time"! Extracurricular feats of Vineeta Singh

Vineeta has always been really active on the physical front. "I think, particularly as ladies, we don't make sufficient time for ourselves.  I strongly believe that to be kind to others, you first need to be kind to yourself and the converse also holds true. Learn to take out time to work on things you are passionate about!" 

• She began running long distances many years back and has run more than 14 Marathons and Full Marathon spanning around  42 kilometers. 
• While taking an interest in Ultra Marathons, she pursued this race called Comrades, which is an 89 kilometers ultra long-distance race, held in South Africa covering five rolling hills that must be finished within 12 hours. "It's the world's biggest and most established ultramarathon race and I really did it multiple times! In one of the years, I even won a bronze decoration in that race."
• She has likewise partaken in the Iron Man Triathlon alongside her better half Kaushik, where it's 3.8 kilometers swim in open and untamed water body,  followed by a 180 kilometers bicycle ride, which is then trailed by a 42 kilometers run. What's more? One is required to complete the whole race within a period of 17 hours to win a prize. 
• There have been numerous other Half Marathons and Triathlons held in India in which she had bagged several positions.

"Despite the fact that I don't believe them to be large accomplishments, I truly feel that having a hobby and passion outside of work makes me a better individual."

“I have two lovely little children and a developing business. It's difficult for me to take out the "me time" amidst so many responsibilities. In any case, having only 20 minutes off my day where I can have a decent run or accomplish something I'm energetic about, helps keep me fresh and dynamic. Holding accountability in any event, especially during challenges and troubled times keeps me propelled and spurred.” She sums up.

Vineeta’s message for young entrepreneurs

The fear of the uncertain and dread kills a bigger number of dreams than disappointment and failures at any point will. So if there's something that you're truly terrified of doing, it's an indication that there's a major dream that has taken cover behind it. Simply dive in, pay attention to your gut feelings, and give it a shot. 

What could be the most awful thing that can occur? 

Returning to the starting point shouldn't be a demotivating factor. All things being equal, you can always return to making something different. “I submit to this: never be apprehensive and face the challenge since living with laments is the hardest.”

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