HUL Acquires 90.5% of Minimalist for Rs 2,955 Cr in Landmark D2C Deal
Hindustan Unilever picks up 90.5% stake in Jaipur-based D2C skincare brand Minimalist for Rs 2,955 crore, combining secondary buyouts with primary capital infusion. Among India's largest D2C transactions, the deal is set to close by Q2 2025 and signals deepening FMCG appetite for digital-native beauty brands.
What happened
Hindustan Unilever · HUL acquires 90.5% stake in Jaipur-based D2C skincare startup Minimalist for Rs 2,955 crore via secondary buyouts and primary capital
Key facts
- Rs 2,955 crore
- 90.5%
Why this matters
HUL's blended primary-plus-secondary structure for Minimalist is the template to study for D2C bolt-ons, balancing founder liquidity with growth capital while securing majority control.
What to watch
- Next D2C beauty/personal care M&A announcement above Rs 1,500 Cr
- Honasa Consumer share price reaction and analyst target revisions
- HUL Q1 FY26 commentary on Minimalist integration synergies and margin trajectory
- Founder team retention announcements at Minimalist post-close
- CCI approval timeline and any conditions imposed
- Reliance Retail / Tata Consumer counter-moves in premium beauty
- Nykaa's house-of-brands strategy pivot or divestment signals
- HUL integrates Minimalist into Lakme/Ponds beauty cluster, retains founders on earn-out through 2027
- Competing FMCG majors fast-track due diligence on Plum, Pilgrim, Wow Skin Science within 2 quarters
- Honasa (Mamaearth) faces re-rating pressure as private comparables outprice public stock
- PE/VC funds rotate dry powder toward Series B/C D2C beauty bets anticipating exit pipeline
- Minimalist accelerates offline GT/MT push leveraging HUL's distribution muscle by H2 2025
Also reported by
- Moneycontrol — Same time
- Moneycontrol — Same time