US beauty major Estee Lauder has signed an agreement to acquire the remaining 51% stake in Ayurvedic skincare brand Forest Essentials, taking full ownership of the Indian brand, it said on Thursday. The company, best-known for brands MAC, Bobbi Brown and Clinique, had first invested in the firm in 2008, raising its stake to 49% in 2020.
The financial details of the transaction were not disclosed. The deal is expected to close later this year, subject to regulatory approvals. The acquisition highlights Estee Lauder’s growing focus on India, which has emerged as a key market for prestige beauty brands amid rising disposable incomes and increasing demand for premium skincare products.
“Today marks a meaningful new chapter in a partnership built over the past 18 years,” Stéphane de La Faverie, president and CEO, The Estée Lauder Companies, said.
“We have a deep, inherent appreciation for the vision and tenacity required to build a brand of this caliber,” he added.
Founded by Mira Kulkarni in 2000, Forest Essentials has emerged as one of India’s leading luxury Ayurveda-based beauty brands with a portfolio spanning skincare, haircare, and wellness products.
During the full fiscal year ended 2025, Forest Essentials recorded 18% year-on-year growth to Rs 578 crore in topline, up from Rs 490 crore in FY24. At the same time, the profits of the firm grew by 71% to Rs 123 crore in FY25, according to its regulatory filings.
Forest Essentials will continue to operate from India following the transaction, while Kulkarni is expected to remain involved with the brand to preserve its Indian heritage and product philosophy rooted in traditional Ayurvedic formulations.