Photo Credit: Reuters Fast-moving consumer Goods (FMCG) maker Hindustan Unilever announced the acquisition of haircare and skincare brand Minimalist at a pre-money valuation of ₹2,955 crore.

FMCG major Hindustan Unilever Limited has acquired 90.5 percent stake in skincare startup for Rs 2,955 crore in an all cash deal, the company said while announcing its quarterly results on January 22.

Hindustan Unilever has agreed to acquire beauty startup Minimalist for about $342 million, as the consumer goods giant seeks to expand in India’s fast-growing premium skincare market.

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Unilever did not disclose the sale price for the assets and said in a statement that the disposal aligns with its strategy to focus the company’s food portfolio on “core segments”.

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