Mira Kulkarni, founder & MD of Forest Essentials, an Ayurveda-based beauty brand, has preferred to let her work do the talking. The 70-year-old found herself in the spotlight this week when early investor Estee Lauder, best-known for brands such as MAC, Bobbi Brown and Clinique, decided to take full ownership of Forest Essentials, acquiring the remaining 51% stake in the company. It had 49% stake earlier, picked up in tranches since 2008.
While the deal details were not shared, Kulkarni and her son Samrath Bedi will continue to run the business, albeit as a wholly-owned subsidiary of the American beauty major.
Experts see it as an acknowledgement of Kulkarni’s leadership skills and her deep understanding of the Indian beauty market, something that multinational companies such as Estee Lauder clearly value, as they look to grow their presence in the country.
“We have a deep, inherent appreciation for the vision and tenacity required to build a brand of this calibre. Our ambition is clear: to further strengthen the brand’s leadership at home while thoughtfully introducing it to a global audience,” Stéphane de La Faverie, president & CEO, Estée Lauder, said, while announcing the acquisition.
The numbers tell the story: 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% year-on-year to Rs 123 crore in FY25, according to its regulatory filings. FY26 numbers are not out yet.
From a Garage Startup
But the journey to this milestone was hardly easy for Kulkarni, who had to battle personal hardships to make her way up the corporate ladder. Married at 19, a single mother of two in her twenties and losing her parents as she neared thirty, Kulkarni found herself hurtling from one setback to another.
These would prove to be a stepping stone as she steeled herself for her life ahead, renting out a part of her home, bringing up her children single-handedly and becoming an entrepreneur in her mid-forties. For this, she tapped into her passion for Ayurveda, starting out with a seed capital of Rs 2 lakh and two employees in the garage of her apartment.
She crafted soaps, oils and creams, using herbal ingredients that she took pains to source, ensuring they were cruelty-free and completely organic. While the price tag was steep, Kulkarni refused to let commercial interests lower her production standards. She set up her first retail store in Khan Market, Delhi, gradually building her base through curiosity and interest among consumers of organic products. This was cemented by trust and high efficacy rates for bestsellers such as the Soundarya Radiance Cream and the Soundarya Night Cream for skin-related issues such anti-ageing, radiance, moisturising and glow.
Today, the brand has over 175 stores across India and retails in high-end stores in the UK, UAE, Kuwait and Qatar. This retail empire, say industry sources, sits on a strong research and development foundation, local sourcing and in-house manufacturing. Estee Lauder is expected to tap into this “integrated model” as it works on its chapter of growth in India.
“We are committed to expanding this reach without compromising the integrity, craftsmanship, and cultural soul that define Forest Essentials,” Estee Lauder’s La Faverie said.
Integrated Model
A report last month by consultancy Redseer notes that the Indian beauty and personal care (BPC) market, which stood at $23 billion in FY25, will grow at a five-year CAGR of 12% to touch $40 billion by FY30. This will position the Indian BPC market in the fourth spot after the US ($150-180 billion), China ($100-120 billion) and Brazil ($45-55 billion) and ahead of Japan, which will come in at fifth spot at $33-38 billion in terms of size.
A combination of factors are expected to fuel this growth in India including a younger consumer base, higher disposable incomes, growing awareness and the need to be social-media ready thanks to photo-sharing platforms such as Instagram. Digital platforms such as Nykaa and Tira have also taken beauty products into smaller towns and cities, with that segment expected to grow in the future.
Estee Lauder has indicated that it will accelerate manufacturing in the country with help from local partners and is expected to leverage the expertise of Forest Essentials in this area. It may also use Forest Essentials’ retail stores to push its own high-end range of products, albeit selectively, keeping in mind the unique positioning of the brand on the platform of Ayurveda and luxury beauty.