We all dream about getting placed in huge companies with luxurious wages. Getting a pre-placement offer of Rs 1 crore is a dream come true for most of us.
Anybody turning that offer down would be a fool!
Well, not really!
SUGAR Cosmetics has emerged from the rejection of a similar offer given to an IIM alumnus, Vineeta Singh, Co-founder and CEO of SUGAR cosmetics.
SUGAR cosmetics is now a top make-up brand specifically designed for Indian skin tones. At the age of 23, Vineeta Singh, a freshly graduated IIM alumnus, rejected a Rs 1 crore offer from Deutsche Bank to embark on her adventurous entrepreneurial journey that resulted in a cosmetic brand worth Rs 200 crore, SUGAR. Her rejection of the placement offer resulted in her featuring on WEEK for being the first and youngest B-school graduate to decline a Rs 1 crore placement offer from a global investment bank to start up my own company was a risky plunge.
SUGAR was founded by Vineetha Singh and her husband, Kaushik Mukherjee in 2015. They have exclaimed how it took “42 Makeup Artists, 16 Supervisors, 46 Sales Managers, 80 of us in office and another 60 in the warehouse to get us to these 650 doors where SUGAR has dedicated counters.”
A new age beauty brand among many multinationals, SUGAR is known for its Matte liquid lipsticks and Matte bold eyeliners. Not only did SUGAR make headways with its CAGR growth, but it also broke the monopoly and bloomed among the prevalent international brands like Maybelline, Loreal, etc.
Today, SUGAR cosmetics has recorded a growth rate of 4X and sales worth Rs 200 crore.
Needless to say, rejecting Rs one crore was definitely worth the risk and has set significant benchmarks for future entrepreneurs!