Hindustan Unilever Acquires Minimalist for ₹2,955 Crore to Boost Beauty Portfolio.

Hindustan Unilever (HUL), the fast-moving consumer goods (FMCG) giant, has announced the acquisition of haircare and skincare brand Minimalist at a pre-money valuation of ₹2,955 crore. HUL will acquire a 90.5% stake in Uprising Science, the parent company of Minimalist, through a combination of secondary buyouts and primary infusion. The remaining 9.5% stake will be acquired from the founders within two years, as outlined in the transaction terms.

Minimalist, a Jaipur-based direct-to-consumer brand founded in 2020, reported a turnover of ₹347 crore in FY2023-24. The brand offers a range of skincare products, including moisturizers, sunscreens, shampoos, oils, and toners, along with AI-based skin solutions. HUL’s acquisition aligns with its strategy to expand its Beauty & Wellbeing portfolio and connect with modern consumers.

“We are delighted to welcome Minimalist into the HUL family. This acquisition is another key step to grow our Beauty & Wellbeing portfolio in high-growth premium demand spaces. Mohit, Rahul, and the team have created a great brand built on science, product efficacy, and transparency,” said Rohit Jawa, CEO and Managing Director of HUL.

Founders Mohit Yadav and Rahul Yadav expressed optimism about the partnership, stating, “With HUL’s robust offline distribution network, we look forward to making our products even more accessible across the country. This partnership also paves the way for our expansion into international markets, helping us realize our dream of taking Minimalist to the world.”

Minimalist previously raised $15 million in funding in 2021, led by Sequoia Capital India with participation from Unilever Ventures.

In a related development, HUL’s Board of Directors approved a scheme of arrangement to demerge its ice cream business into Kwality Wall’s (India) Limited (KWIL). Upon demerger, KWIL will be listed as a separate entity, with its shares directly held by HUL shareholders. The move aims to facilitate a smoother transition for the business and its employees, according to a statement from HUL.

HBL