HUL Acquires Skincare Brand Minimalist in INR 2,955 Cr Deal to Expand Beauty Portfolio HUL has signed a share purchase agreement to acquire 90.5% of Minimalist's shares for INR 2,670 crore through a secondary buyout, complemented by a primary infusion of INR 45 crore into the company.
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Hindustan Unilever Limited (HUL), a fast-moving consumer goods (FMCG) company, has announced the acquisition of the homegrown skincare brand Minimalist. The transaction values Minimalist at a pre-money valuation of INR 2,955 crore (approximately USD 350 million).
HUL has signed a share purchase agreement to acquire 90.5% of Minimalist's shares for INR 2,670 crore through a secondary buyout, complemented by a primary infusion of INR 45 crore into the company. The deal, expected to be completed in Q1 FY 2026, includes a provision to acquire the remaining 9.5% stake held by Uprising within two years of the transaction's completion.
Founded by Mohit and Rahul Yadav, Minimalist is a premium skincare and haircare brand specialising in products like serums, toners, and moisturizers. Known for its science-backed formulations, Minimalist has gained significant traction in India's burgeoning masstige beauty segment. The founder duo will continue to lead the brand for the next two years, ensuring business continuity and growth.
Minimalist's growth journey includes raising USD 17 million, with a Series A round led by Peak XV Partners, which holds a 27.9% stake. Before the acquisition, the company's valuation stood at INR 565 crore (USD 65 million).
Rohit Jawa, CEO and Managing Director of HUL, expressed optimism about the acquisition, stating, "In line with our strategic intent to transform our portfolio in fast-growing spaces, I am excited to announce the acquisition of the premium actives-led beauty brand Minimalist. This acquisition strengthens our beauty and wellbeing portfolio, enabling us to tap into the high-growth masstige beauty market."
HUL also announced plans to demerge its ice cream business under a scheme of arrangement with its wholly-owned subsidiary, Kwality Wall's (India) Limited (KWIL). As part of the restructuring, one equity share of KWIL will be issued for every HUL share held. Following the demerger, KWIL's shares will be directly owned by HUL shareholders.
This acquisition and portfolio transformation come amid subdued FMCG demand trends, with urban growth slowing and rural markets showing gradual recovery. HUL reported 2% underlying sales growth (USG) and flat underlying volume growth (UVG) in the December quarter.
HUL's acquisition of Minimalist marks a strategic step toward expanding its presence in premium beauty segments while driving long-term growth in the Indian FMCG sector.
