HUL Shares in Focus: Acquires 90.5% Stake in D2C Brand Minimalist's Parent Company

Hindustan Unilever Limited (HUL), the consumer goods giant, has acquired a 90.5 per cent shareholding in Uprising Science, the company that owns the direct-to-consumer (D2C) personal care brand Minimalist. The deal was done through a mix of primary infusion and secondary share purchases and has a total cash consideration of ₹2,706.44 crore. Following the news, the stock price of HUL gained 1.10% today as of 11.25 a.m.

This announcement by HUL marks the official consolidation of Uprising Science and its subsidiaries into the HUL family. The acquisition process was completed after the Competition Commission of India, CCI gave its approval a month earlier, and now this strategic alignment in the personal care market is on the cards.

The approach of HUL was to make both a primary capital investment in Uprising Science and an acquisition of outstanding shares. This cash transaction highlights HUL's aim to boost its leadership in the nascent D2C space, specifically in the personal care segment.

Minimalist, which was set up as a digital-first brand two years prior to entering offline sales in 2022, has built a distribution network comprising leading retailers like Nykaa's offline stores, Apollo Pharmacy, general beauty trade stores, and independent pharmacy stores. Building on HUL's large global network, Minimalist plans to consolidate its presence in existing international markets and seek opportunities in new markets.

For HUL, this takeover grants access to a fast-expanding D2C brand with significant digital penetration and a line of personal care offerings. The strategy is consistent with the general direction among legacy FMCG businesses wanting to capitalize on digitally born brands to service shifting consumer preferences and broaden market opportunities.

The deal, formally completed on April 22, 2025, is a milestone in the Indian FMCG arena, underscoring the growing overlap between established FMCG behemoths and nimble D2C start-ups. Investors and market experts will be watching the integration process and Minimalist's subsequent performance under the HUL aegis to see the strategic advantage of this deal.

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