Estée Lauder Takes Full Control of Forest Essentials in India Ayurveda Bet
ELC converts its 2020 minority position into a full buyout of Forest Essentials, India's top luxury skincare brand. The Ayurvedic player posted FY25 revenue of ₹5.8bn ($63m) and ₹2.8bn EBITDA across ~200 stores, anchoring ELC's push into a $10bn India beauty market.
What happened
Estée Lauder agrees to fully acquire Ayurvedic luxury skincare brand Forest Essentials, founded by Mira Kulkarni, after holding 49% since 2020. Brand has ~200
Key facts
- 5.8 billion rupees revenue 2025
- $63 million revenue
- 2.8 billion rupees EBITDA
- $30 million EBITDA
- 200 freestanding stores
- 49% stake 2020
- 14 brands in India
- $10 billion India beauty market
- 40% skincare share
- 78% executives see India most promising
Why this matters
The 49%-to-100% conversion is a textbook staged-control playbook—use minority stakes as optionality, then buy out founders once unit economics and brand fit are proven.