Beauty crowns India's D2C M&A wave as FMCG majors chase premium margins

HUL-Minimalist (₹2,706 cr), Marico-Plix, Emami-The Man Company and Dabur-RAS headline a consolidation rush. Crisil pegs 60% of FMCG D2C buyouts in personal care, lured by 60-75% margins and 8-13x revenue valuations. L'Oréal and Estée Lauder also in the mix.

— Source publishedThu, 18 Jun, 2026, 21:46 IST·First seen Thu, 18 Jun, 2026, 21:51 IST·Source The Hindu BusinessLine

What happened

Hindustan Unilever · Beauty and personal care dominates India's D2C acquisition wave, with HUL-Minimalist, Marico-Plix, Emami-The Man Company, Dabur-RAS,

Key facts

  • ₹2,706 crore
  • ₹380 crore
  • ₹272 crore
  • ₹60 crore
  • 60% of D2C acquisitions
  • 60-75% margins
  • 8-13x revenue
  • 51% stake

Why this matters

If you're an FMCG major without a premium beauty bolt-on thesis, you're already behind HUL, Marico, Emami, and Dabur—shortlist targets in skincare and men's grooming before L'Oréal and Estée Lauder reprice the table.