Unilever’s India unit to buy 'Minimalist' beauty brand

NEW DELHI, Jan 22 (Reuters): Consumer goods maker Hindustan Unilever said on Wednesday it would buy the 'Minimalist' skin care brand and projected near-term margins at the lower end of its forecast range as it grapples with slowing urban demand.

This is Hindustan Unilever's latest investment in the beauty space as the conglomerate bets on Indian consumers splurging on skin and hair care.

The maker of soap brands 'Dove' and 'Pears' said it will buy a 90.5 per cent stake in Uprising Science, which operates under the brand 'Minimalist', valuing the latter at 29.55 billion rupees ($342.3 million), including debt.

The deal for Uprising Science, which reported a revenue of 3.47 billion rupees in the 2024 financial year, will close in the April-June quarter, according to Hindustan Unilever, which is the Indian unit of UK's Unilever.