Unilever Sheds $33B Food Arm to Build Pure-Play Beauty Conglomerate

Unilever's $33B food divestment unlocks a $15.7B war chest for beauty M&A, anchored by emerging-market plays like India's Minimalist and Secret Alchemist. The pivot positions it against L'Oréal, Estée Lauder and Puig, even as shares slid 7% on the reshape.

Unilever divested its $33B food business to build a pure-play beauty giant, unlocking $15.7B for M&A as shares slid 7% on the reshape.

Business of Fashion · Retail · 5/21/2026, 4:27:01 PM · Ask about this →

Unilever + Dr Squatch + K18 + Minimalist + Paula's Choice + Secret Alchemist + Tatcha +