Hindustan Unilever (HUL), the parent company of the renowned beauty brand Lakmé India, is reportedly in advanced talks to expand its skincare portfolio with the acquisition of Jaipur-based startup Minimalist. According to an exclusive report by Moneycontrol, HUL is negotiating a deal valued at Rs 3,000 crore with co-founders Mohit and Rahul Yadav. HUL, which previously invested in Minimalist during its Series A funding round in 2021 via its venture arm, Unilever Ventures, seeks to deepen its footprint in the rapidly growing skincare sector.
The surge in mergers and acquisitions within the beauty and skincare industry reflects a broader trend fueled by the rise of digital media and the increasing preference for online shopping.
Here are some key acquisitions in the beauty, grooming, and personal care sectors:
1. Emami – Helios Lifestyle (The Man Company)
In 2024, Kolkata-based Emami completed the full acquisition of Helios Lifestyle, the parent company of male grooming brand The Man Company. Having initially increased its stake in 2022 to 50.4% from 33.09% in 2017, Emami finalized its remaining 49.6% stake purchase in August this year.
2. Nykaa – Earth Rhythm and Dot & Key
E-commerce platform Nykaa expanded its portfolio by acquiring a majority stake in the clean beauty brand Earth Rhythm for Rs44.5 crore in 2024. The company also raised its stake in Kolkata-based Dot & Key to 90%, investing Rs265 crore. In addition to these acquisitions, Nykaa strengthened its position in the wellness sector by acquiring Nudge Wellness and Kica, two emerging brands, for Rs3.6 crore and Rs4.51 crore, respectively.
3. Marico – Just Herbs, True Elements, and Beardo
FMCG giant Marico made strategic acquisitions in the beauty space, including a 60% stake in Apcos Naturals, the parent company of Ayurvedic brand Just Herbs, in 2021. Marico also acquired men’s grooming brand Beardo in two phases, making its parent company, Zed Lifestyle, a wholly owned subsidiary. In 2022, Marico further expanded its portfolio by acquiring a 54% stake in the wellness brand True Elements through a mix of primary infusion and secondary buyouts.
4. ITC – Mother Sparsh
ITC, another FMCG heavyweight, increased its stake in baby care brand Mother Sparsh in 2022, purchasing an additional 6% for Rs13.5 crore, bringing its total holding to 22%. This followed an earlier investment in November 2021, when ITC acquired 16% of the brand for Rs20 crore.
5. Good Glamm Group – The Moms Co. and St. Botanica
The Good Glamm Group continued its acquisition spree with the full purchase of babycare brand The Moms Co. in 2024, following an undisclosed deal. Additionally, the company acquired Sirona Hygiene for Rs450 crore in an all-cash transaction. Good Glamm had earlier acquired a stake in personal care brand St. Botanica.
6. VLCC – Ustraa
Carlyle-backed wellness and beauty giant VLCC made a notable move in the men’s grooming segment by acquiring Ustraa, a startup in the sector, through a share swap and secondary buyout in 2023.
7. Mamaearth – Dr Sheth’s and CosmoGenesis Labs
Honasa Consumer Pvt Ltd, the parent company of Mamaearth, continued to grow its brand portfolio with two significant acquisitions. In May 2022, it acquired a majority stake in Dr Sheth’s for ₹28 crore. Then, in 2024, Mamaearth acquired Cosmogenesis Labs, a skincare and personal care brand, for approximately Rs4 crore.
8. Purplle – Faces Canada
Online beauty retailer Purplle.com bolstered its presence in the Indian market by acquiring the Indian arm of makeup brand Faces Canada in 2021. The company also made strategic acquisitions of beauty brand NYBae and the herbal skincare startup Good Vivbes, further solidifying its position in the Indian beauty landscape.
The continued consolidation in the beauty, grooming, and personal care sectors highlights the industry’s ongoing transformation, driven by digital disruption and the changing demands of consumers seeking more personalized, accessible products.