SUGAR Cosmetics - one of the fastest-growing premium beauty brands in India has roped in Amit Aggarwal as its Chief Financial Officer (CFO) to oversee the company's financial operations including financial planning and analysis, reporting, taxation, risk management, and treasury operations.
Apart from strengthening the core leadership team by focusing on corporate governance and risk management, he will additionally champion growth initiatives while leading the finance controlling, legal, tax, customs, business risk, and compliance teams.
Prior to joining SUGAR, he was leading the Finance team at Marico Limited as its Head of Finance - India Business. With over two decades of experience, he has also been associated with large multinational companies such as Nestle India and Price Waterhouse Cooper. A Chartered Accountant and alumni of IIM Kolkata, he has managed various roles in finance functions ranging from planning, costing, project management, controlling, accounting, business partnering, and assurance.
Vineeta Singh, Co-founder, and CEO of SUGAR Cosmetics said, "We are delighted to welcome Amit as our Chief Financial Officer. His vast experience and ability in handling financial decisions will help us grow responsibly toward our goal of an eventual IPO. We look forward to him working closely with our numerous business units to implement the company's vision of balancing aggressive expansion with an eye on profitability.”
Amit Aggarwal upon his appointment as CFO said, "I'm thrilled to join SUGAR Cosmetics, one of India's largest cosmetics brands, and take on the responsibility of their Chief Financial Officer. It is very exciting to be a part of such an ambitious team that’s building such an admired brand. I look forward to collaborating with internal and external stakeholders to accelerate the company's strategic growth and path to profitability while strengthening its fundamental systems, processes, and governance.”
WoodenStreet, a prominent home furniture and decor brand in India, has exhibited significant growth, boasting approximately a 50 percent increase in margins compared to the previous year. Founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, the Rajasthan-based startup recently announced remarkable growth for FY22-23.
The company achieved a revenue of approximately Rs 200 crore for FY22-23 and has set an ambitious target of Rs 500 crore for FY23-24, signaling its determination to further expand its operations.
WoodenStreet has been maintaining a consistent annual growth rate of 60-65 percent in India since its inception. Notably, the company's margins surged by 50 percent compared to the previous fiscal year, and it has managed to maintain a positive EBIDTA of Rs 8 crore, highlighting its operational efficiency.
In an era dominated by digital platforms, WoodenStreet has successfully balanced its online and offline presence. The company has opened more than 45 new stores in the last 12 months.
WoodenStreet has strategically expanded its physical presence over the years, with over 90 Experience Centers throughout India and warehouses and R&D Units covering an extensive area of over 20 lakhs sq ft.
Lokendra Ranawat, CEO of WoodenStreet, stated, "As we set our goals for FY23-24, we're excited to introduce innovations to consolidate our market position further. Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months. Our growth story in FY22-23 is more than just an economic achievement. It's a validation of our continuous efforts to innovate, grow, and, most importantly, to serve our customers better each day."
To diversify and enhance the customer experience, WoodenStreet is introducing two new sub-verticals this year, namely Earthy Threads and Lightstreet. Lightstreet aims to revolutionize home illumination by offering functional and aesthetically pleasing designs. Earthy Threads, on the other hand, is venturing into the realm of soft furnishings, combining traditional artistry with contemporary sensibilities.
As WoodenStreet embarks on another fiscal year, it is evident that the brand is not merely pursuing numerical growth but is on a mission to redefine India's furniture and home decor landscape.
Founded in 2015, the brand presently operates over 90 experience stores across India and maintains a network of more than 350 delivery hubs, offering a vast selection of over 30,000 home furniture, decor, and home furnishing products.
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