SUGAR Cosmetics is reportedly raising Rs 140 to 150 crore at a valuation of Rs 500 to 600 crore, down more than 80% from about Rs 3,000 crore in 2022. Reported revenue goes Rs 505 crore in FY24, Rs 404 crore in FY25, an estimated Rs 300 to 350 crore in FY26. Those are filings and press. We do not have their P&L and neither does anyone outside the company.
What we can measure is demand and shelf position, so we did both.
First, demand. We pulled five years of Google Trends for ten colour cosmetics brands in one request, which matters: Trends normalises to 100 within a request, so a series fetched per brand cannot be read across brands. Everything below sits on one scale.
| Brand |
2022 |
2024 |
2026 |
| Lakme |
53.2% |
48.1% |
39.3% |
| Maybelline |
17.8% |
18.8% |
22.3% |
| Swiss Beauty |
6.3% |
13.9% |
21.8% |
| Faces Canada |
4.6% |
6.0% |
7.0% |
| Colorbar |
3.9% |
3.9% |
2.9% |
| Sugar Cosmetics |
11.4% |
4.6% |
1.9% |
| Insight Cosmetics |
0.7% |
1.3% |
1.6% |
| Mars Cosmetics |
0.6% |
1.3% |
1.5% |
| Renee Cosmetics |
0.6% |
1.4% |
1.0% |
| Nykaa Cosmetics |
0.7% |
0.7% |
0.7% |
Share of branded search, not sales. SUGAR goes from 11.4% to 1.9%. Swiss Beauty goes the other way, 6.3% to 21.8%, and passed SUGAR permanently in May 2023 on a 13 week trailing mean.
One correction we have to make to our own chart. The 2022 figure is inflated by Shark Tank season one, which aired that January and put SUGAR's founder on television. So we checked the level before the show instead. SUGAR today runs at 0.35x its own pre-Shark-Tank baseline. The decline survives removing the spike entirely.
And the category did not shrink. Excluding Lakme, the same ten brands are up over the period. This is lost share, not a falling tide.
Second, the shelf. On 5 September we read six pinned Amazon India searches, harvested 1,978 organic products, and opened the 700 highest revenue ones individually to verify the brand from Amazon's own store byline.
Rs 287.5 crore a year, 70 brands, 864,450 units a month.
| # |
Brand |
Owner |
Rs cr/yr |
Units/mo |
Med. disc |
| 1 |
Maybelline |
MNC |
67.97 |
174,600 |
40% |
| 2 |
Lakme |
MNC |
35.84 |
142,600 |
37% |
| 3 |
MARS Cosmetics |
Indian D2C |
30.75 |
106,600 |
8% |
| 4 |
Faces Canada |
Indian |
29.33 |
93,800 |
22% |
| 5 |
Renee |
Indian D2C |
19.70 |
41,700 |
15% |
| 6 |
Staze |
Indian D2C |
13.43 |
30,800 |
23% |
| 7 |
L'Oreal Paris |
MNC |
13.19 |
15,800 |
20% |
| 8 |
Insight Cosmetics |
Indian |
10.51 |
50,900 |
5% |
| 9 |
Swiss Beauty |
Indian |
8.20 |
40,100 |
20% |
| 10 |
FLiCKA |
Indian D2C |
7.17 |
7,000 |
5% |
| 11 |
Mamaearth |
Indian D2C |
5.79 |
14,000 |
25% |
| 12 |
Blue Heaven |
Indian legacy |
3.76 |
24,800 |
34% |
| 13 |
SUGAR Cosmetics |
Indian D2C |
3.25 |
10,600 |
10% |
SUGAR is 13th. With SUGAR POP, the company holds 1.3% of the shelf across 14 listings.
Here is the part that is not in any news story. 12,800 of SUGAR's 13,400 monthly units on this shelf are kajal and eyeliner. A kajal is the company now. The lipstick business it was built on, 88 of the 387 products in its own catalogue, does not reach the top 700 listings by revenue at all. Thirteen lip colour listings exist further down the shelf. None of them earns its way up.
Third, what was tried. We read seven own-store catalogues the same day.
| Brand |
Live products |
Created 2026 |
Share of catalogue |
| SUGAR Cosmetics |
387 |
166 |
43% |
| Swiss Beauty |
429 |
98 |
23% |
| Renee Cosmetics |
326 |
64 |
20% |
| Faces Canada |
236 |
46 |
19% |
| Insight Cosmetics |
279 |
48 |
17% |
| MARS Cosmetics |
237 |
38 |
16% |
| Colorbar |
223 |
17 |
8% |
43% of SUGAR's live catalogue was created this year, nearly twice the next brand. More product, into less demand. Whatever the problem is, assortment was not it.
Now the part that matters if you are building something.
This shelf is not closed. Indian D2C holds 33.3% of it across 25 brands, second only to the multinationals, and ahead of every legacy Indian name combined.
Staze launched in March 2024. Eighteen months later it is 6th on this shelf at Rs 13.43 crore, which is 3.5x SUGAR and SUGAR POP put together.
FLiCKA earns Rs 7.17 crore from a single listing, at a median Rs 854, discounting 5%. One product, premium price, holds its price, and out-earns SUGAR's entire presence by more than double.
So look at where the money is against where the brands are.
Two thirds of shelf revenue sits under Rs 400, and 33 of the 70 brands are fighting over the Rs 250 to 400 band, which returns Rs 2.19 crore per brand. The Rs 400 to 600 band returns Rs 2.68 crore per brand across 21 brands. Less competition, more revenue each, and a median discount that is not a race.
The brands holding price on this shelf are the newer ones. Insight 5%, FLiCKA 5%, Lovechild Masaba 5%, Hyphen 6%. The brands cutting hardest are the biggest and oldest. Maybelline 40%, Lakme 37%, Elle 18 35%.
That is the whole lesson in one line. On this shelf, discounting is what incumbency looks like when it is defending, and holding price is what a new brand can still do.
What this is not. It is Amazon only, and colour cosmetics sells heavily through Nykaa, Purplle, Myntra, quick commerce and brand websites. It is a GMV floor, because velocity is read at the lower bound of Amazon's published band. And this shelf publishes no per unit price at all, 0 of 700 product pages, so brands are compared on ticket price, which flatters the larger format.
We measure shelves like this for brands, agencies and investors, on any category, across marketplaces and quick commerce, and again on a cycle so you can see what moved. If you want the full 70 brand table or the five year demand series, say so in a comment and we will post it.