Hindustan Unilever gets CCI approval to acquire majority stake in premium skincare brand Minimalist for ₹2,955 crore | Stock Market News
Source: Live Mint
India’s Competition Commission of India (CCI) on Monday, March 17, approved fast-moving consumer goods (FMCG) giant Hindustan Unilever’s plea to acquire a majority stake in premium skincare brand Minimalist, according to a social media post on X.
“CCI approves acquisition of Uprising Science Private Limited by Hindustan Unilever Limited,” said the CCI in its post on platform X.
HUL acquires Minimalist
According to Mint’s earlier report, Hindustan Unilever Limited, on Wednesday, January 22, announced its plans to acquire the online premium skincare brand Minimalist for ₹2,955 crore.
According to the exchange filing, HUL announced that it will acquire a 90.5 per cent shareholding in the company as the FMCG giant aims to add Minimalist to its Beauty & Wellbeing portfolio.
The deal is set to take place in two segments, through a main infusion and secondary buyout at the pre-money enterprise value of ₹2,955 crore.
“We are delighted to welcome Minimalist into the HUL family. This acquisition is another key step to grow our Beauty & Wellbeing portfolio in high-growth premium demand spaces. Mohit, Rahul and the team have created a great brand built on science, product efficacy and transparency,” said Rohit Jawa, chief executive officer (CEO) and managing director (MD) of HUL, reported Mint.
Indian startups in the beauty and personal care segment have surged in popularity in recent years despite challenges in scaling and sustaining profitability, driven by an uptick in online commerce and a rise in social media influence.
HUL Q3 results
The FMCG giant’s net profit for the October to December quarter rose 19 per cent year-on-year (YoY) to ₹2,984 crore, compared to ₹2,984 crore in the same period a year ago.
The total income of HUL also rose 7 per cent to ₹16,050 crore, compared year-on-year (YoY) with ₹15,781 crore a year ago, with the home care and fabric wash business driving the sales, according to Mint’s earlier report.
Hindustan Unilever shares closed 0.22 per cent lower at ₹2,171.05 after Monday’s stock market session, compared to ₹2,175.85 at the previous market close.
