SugarCap Recap: We're All Mickey Drexler Now. Lucky raises Series B, Grüns Expands Further Into Retail, & More Portfolio News
Brian sits down with icon Mickey Drexler to remind us that timeless taste and sharp instincts matter more than ever. Other highlights: Lucky raises Series B, Grüns in Sam's Club, & more.
“Style never goes out of fashion; fashion goes out of style.” — Mickey Drexler
Last week I was in New York where mother nature reminded us that winter is coming. Meetings with potential investors for Sugar Capital at the Equal Emerging Manager Summit. Everyone commenting on our momentum. On Grüns. Coffee with Alex Stone, founder of Split, our portfolio company building content-to-commerce technology. I visited Jessie and Brian, the married founders of Loeffler Randall. Philippe and Justin, the founders of Refinery29, our archnemesis back in the POPSUGAR days. Now we’re investors in their new company. Funny how competition turns into partnership. Hillstone for dinner (shoutout to Bethesda losing theirs), funny how some things taste even better after thirty years. That kind of week.
But the real highlight was Mickey Drexler at the Alex Mill corporate offices in Manhattan. He’s 81 years old and runs the brand with his son Alex. Every industry has its Jordan, its Tiger, its Ohtani. Retail has Mickey. He built Gap from $400 million to $14 billion. Launched Old Navy and hit $1 billion in four years. Turned J.Crew into a cult brand. Sat on Apple’s board helping Steve Jobs invent the retail store as theater. Unlike most GOATs who retire, Mickey is still on the floor at 81, still running plays, still obsessing over product. Not growth metrics. Not customer acquisition costs. Product.
Read more on AirSugar, Brian's blog.
Sugar Capital News
🕯️ Backed by Sugar Capital, Snif has raised $27M and is nearing $40M in sales, cementing its place in the booming sub-$100 fragrance market. The brand just unveiled Notewrks, a playful new subbrand debuting Dec 4 with scents like Clean Getaway and Room for Dessert aimed at Gen Z and Alpha. Meanwhile, hits like House of 8 and Crumb Couture keep redefining gourmand fragrance with cocoa, sage, and buttery vanilla - making luxury feel a lot more fun. Beauty Independent + Beauty Inc + Glossy + ELLE + Marie Claire
📢 Investor/operator Drew Fallon gave Sugar Capital a shout-out, ranking us #4 among top consumer funds in San Francisco, right alongside some of the biggest names in the space. X/drewfallon
🍀 Lucky Energy just secured a $25M Series B, fueling a new wave of innovation and retail expansion. With fresh funding and serious momentum, the brand’s next chapter promises even more ways to bottle that Lucky feeling. BevNet
🧸 Grüns keeps racking up wins: after crossing a ~$300M annualized revenue rate, the brand just announced a major Sam’s Club rollout- bringing its full lineup (Grüns, Grüns Kids, and Nütrops) to shelves nationwide and online. The expansion adds big-box scale to its fast-growing retail presence (Target, Walmart, and beyond) and hits just in time for the holidays, alongside the launch of limited-edition Grinch Punch gummies and the new Grüns Cubs kids’ line. Inc + Modern Retail + Trend Hunter + LinkedIn
📸 Locket is capturing Gen Alpha’s attention. The social widget app just hit 9M daily users and 90M+ downloads, powered by its new Rollcall feature, a Sunday “photo dump” that lives right on your Lock Screen and brings real friends (not followers) closer. Nearly half of its U.S. users are 13–17, and with a lean team, ads, and a $4/month Gold tier, Locket’s proving there’s still room for fresh, feel-good social. TechCrunch + Business Insider
🎂 Sexual wellness is officially on demand, and Hello Cake is leading the charge. The brand’s showing up on DoorDash and Gopuff as consumers add discreet essentials to their delivery baskets. WWD
🫒 Brightland continues to dominate kitchen counters and gift lists. The brand was featured in Whole Foods Market’s 2026 trend forecast for embodying “Kitchen Couture,” where pantry staples double as design statements. Their vibrant bottles and elevated olive oils are spotlighted as display-worthy must-haves, cementing Brightland as both a culinary essential and a style icon. Whole Foods + Real Simple + Architectural Digest
💆♀️ Healthy scalp, happy hair. Jupiter is redefining dandruff care with formulas that actually work while also looking good on your shelf. Its Balancing Shampoo targets flakes with 1% zinc pyrithione, while the Hydrating Shampoo soothes with tea tree oil, glycerin, and pre/probiotics. Pair it with the Scalp Brush to lift buildup and boost circulation, making scalp care feel like self-care. NBC + Oprah + TODAY
⚡️ Back by popular demand this fall, Magna brings back Apple Juice, the sold-out fan favorite, with that crisp, fresh-pressed flavor (minus the sugar). Meanwhile, new flavor Island Punch brings a nostalgic Hawaiian-inspired mix of pineapple, papaya, guava, and citrus, all powered by Magna’s signature triple magnesium blend. Magna + Magna
🍳 Caraway’s shaking things up, literally, with its new Complete Bar Set: a nine-piece, design-forward kit that turns any countertop into a cocktail station. With sleek stainless tools, a modular birchwood base, and Caraway’s signature palette, it’s giving “home mixology” a serious glow-up for the holiday hosting season. Parade + The Kitchn + StupidDOPE
✉️ In a recent episode of The Orita Podcast, Birdies co-founder and CEO Bianca Gates shares how a “pick your seat” mindset and sales-driven storytelling took the brand from scrappy launch to post-acquisition success, turning customer complaints into growth fuel, balancing DTC with retail, and leveraging product reviews (and AI) to drive loyalty. A must-listen on resilience, timing, and how quality + feedback can become your best marketing. The Orita Podcast
🚀 Nostra’s BFCM playbook says the best promo starts with performance: speed up your site, stress-test servers, and perfect the mobile checkout flow. Streamline wallets, simplify navigation, and prep support before traffic spikes. Bottom line, fast sites convert best. Nostra