Beauty crowns India's D2C M&A wave as FMCG majors chase premium margins
HUL-Minimalist (₹2,706 cr), Marico-Plix, Emami-The Man Company and Dabur-RAS headline a consolidation rush. Crisil pegs 60% of FMCG D2C buyouts in personal care, lured by 60-75% margins and 8-13x revenue valuations. L'Oréal and Estée Lauder also in the mix.
Beauty and personal care dominates India's D2C acquisition wave, with HUL-Minimalist, Marico-Plix, Emami-The Man Company, Dabur-RAS, L'Oréal-Innovist and Estée Lauder-Forest Essentials deals. Crisil notes 60% of FMCG D2C buys are personal care; superior margins and valuations drive consolidation.