Beauty Boom Sparks Big Moves; HUL Eyes Rs 3,000 Crore Deal To Acquire Minimalist

Hindustan Unilever (HUL), the parent company of the brand Lakme India is reportedly in advanced discussions to expand its skincare portfolio through the acquisition of Jaipur-based startup Minimalist. HUL is negotiating a deal worth approximately Rs 3,000 crore with Minimalist’s Co-founders, Mohit and Rahul Yadav. Having previously invested in Minimalist during its Series A funding round in 2021 via its venture capital arm, Unilever Ventures, HUL aims to strengthen its position in the fast-growing skincare market.

The surge in mergers and acquisitions within the beauty and skincare industry highlights a broader trend, driven by the growing influence of digital media and a shift towards online shopping.

Key acquisitions in the beauty, grooming and personal care sectors include:

Emami – Helios Lifestyle (The Man Company)
In 2024, Kolkata-based Emami completed its acquisition of Helios Lifestyle, the parent company of The Man Company. Emami initially increased its stake to 50.4 per cent in 2022, up from 33.09 per cent in 2017 and finalised the purchase of the remaining 49.6 per cent stake in August this year.

Nykaa – Earth Rhythm and Dot & Key
Nykaa expanded its clean beauty offerings in 2024 by acquiring a majority stake in Earth Rhythm for Rs 44.5 crore. Additionally, Nykaa raised its ownership in Dot & Key to 90 per cent with an investment of Rs 265 crore. Strengthening its wellness portfolio, Nykaa also acquired emerging brands Nudge Wellness and Kica for Rs 3.6 crore and Rs 4.51 crore, respectively.

Marico – Just Herbs, True Elements and Beardo
Marico made strategic moves in the beauty and wellness space with several acquisitions. In 2021, it acquired a 60 per cent stake in Apcos Naturals, the parent company of Ayurvedic beauty brand Just Herbs. Marico also took full control of Zed Lifestyle, the parent company of men's grooming brand Beardo, through a phased acquisition. In 2022, Marico expanded its footprint further by acquiring a 54 per cent stake in wellness brand True Elements via a combination of primary infusion and secondary buyouts.

ITC – Mother Sparsh
ITC strengthened its presence in the baby care segment by increasing its stake in Mother Sparsh to 22 per cent in 2022. This followed its initial investment in November 2021, where it acquired a 16 per cent stake for Rs 20 crore. In 2022, ITC further invested Rs 13.5 crore to purchase an additional 6 per cent stake in the brand.

Good Glamm Group – The Moms Co and St Botanica
The Good Glamm Group continued its aggressive acquisition strategy by fully acquiring baby care brand The Moms Co in 2024 through an undisclosed deal. Additionally, the group purchased Sirona Hygiene for Rs 450 crore in an all-cash transaction and previously acquired a stake in the personal care brand St Botanica.

VLCC – Ustraa
VLCC expanded into the men’s grooming segment by acquiring Ustraa, a startup in the space, through a combination of share swap and secondary buyout in 2023.

Mamaearth – Dr. Sheth’s and Cosmogenesis Labs
Honasa Consumer, the parent company of Mamaearth bolstered its skincare and personal care portfolio with two major acquisitions. In 2022, it acquired a majority stake in Dr Sheth’s for Rs 28 crore, followed by the acquisition of Cosmogenesis Labs in 2024 for approximately Rs 4 crore.

Purplle – Faces Canada
Purplle.com enhanced its presence in the Indian market with the acquisition of the Indian arm of makeup brand Faces Canada in 2021. Purplle also strategically acquired beauty brands NYBae and Good Vibes, solidifying its position in India’s beauty and personal care market.

These acquisitions reflect the ongoing transformation in the beauty, grooming and personal care sectors, driven by the rapid growth of digital platforms and evolving consumer preferences for personalised and accessible products.