Hindustan Unilever gets CCI nod for Minimalist buy

The Competition Commission of India (CCI) has approved Hindustan Unilever Limited’s (HUL) acquisition of Uprising Science Private Limited, the parent company of the beauty and personal care brand Minimalist.

HUL had sought clearance from the CCI for the acquisition in January this year.

A notice filed with the CCI on January 28 stated, "The acquirer (HUL) proposes to acquire 90.5% shareholding of the target (Uprising Science Pvt Ltd), with eventual acquisition of the remaining 9.5% shareholding of the target in about two years from the completion date as per the terms set out in the share purchase & subscription agreement executed by and between the parties."


In its submission to the CCI, HUL assured that the transaction would not negatively impact market competition, despite both companies operating in overlapping segments. The companies identified key markets for the deal, which include the manufacturing and sale of beauty, skincare, personal care, and haircare products in India.

Additionally, the parties recognised potential vertical linkages and complementarities arising from the deal. This includes the synergy between manufacturing and selling beauty products and distributing them through beauty salons across India.

On January 23, HUL had announced its plan to acquire a 90.5% stake in Minimalist for Rs 2,955 crore, through secondary buyouts and primary infusion.

As part of the agreement, the Minimalist team, led by Rahul and Mohit Yadav, will continue managing the business for the next two years.

“The overall beauty market in India is roughly Rs 68,000 crore. Half of that market sits at the consumer cohort which are affluent and affluent plus. Minimalist is a brand squarely placed in that attractive beauty segment and gives us one more tool in our arsenal to improve our premium segment position in beauty and wellbeing,” said Ritesh Tiwari, chief financial officer at HUL.