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PARIS — Unilever’s India unit is acquiring Minimalist, a premium beauty brand born in India.
Financial terms of the deal were not disclosed. But Hindustan Unilever Ltd. said it is taking a 90.5 percent stake in the company through secondary buyouts plus primary infusion. Within two years, HUL should own the entirety of Minimalist.
“This acquisition is another key step to grow our Beauty & Wellbeing portfolio in high-growth premium demand spaces,” said Rohit Jawa, chief executive officer and managing director of HUL, in a statement released Wednesday.
Strategics are sharpening their focus on India as a next frontier for beauty, especially as China — a key emerging market pre-pandemic — remains soft.
Minimalist was founded by Mohit Yadav and Rahul Yadav in 2020. It is billed to be among the fastest-growing digital-first brands at the crossroad of beauty and actives-led science, and to have registered profitable growth since Day One, according to Unilever.
Minimalist has scaled fast to cross an annual revenue run rate of INR 500 crore, or $57.8 million, in four years. The company is reportedly valued at INR 29.55 billion, or $342.3 million.
Its product lineup includes skin care and hair care. Minimalists’ stated aim is for transparency — to #HideNothing.
The brand’s team will continue operating the business in collaboration with HUL. The acquisition should be completed by June.
“We are excited to partner with the Minimalist team to unlock value through synergies and together, scale the brand to greater heights by leveraging our complementary capabilities,” said Ritesh Tiwari, executive director, finance and IT, and chief financial officer at HUL, which is a subsidiary of Unilever as well as India’s largest fast-moving consumer goods company.
The founders jointly said: “We founded Minimalist to introduce a transparent Indian beauty range that’s trusted and loved on a global scale. We’re incredibly grateful for the overwhelming support we’ve received in India. Now, 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,” they said.
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