Estée Lauder Acquires Remaining Stake in Forest Essentials for $63 Million Revenue Brand

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3.5.2026

Quick Facts

Estée Lauder will acquire the remaining 51% stake in Forest Essentials, subject to regulatory approval
Forest Essentials generated 5.8 billion rupees ($63 million) in revenue and 2.8 billion rupees ($30 million) in EBITDA in 2025
The transaction marks the first major acquisition under CEO Stéphane de La Faverie’s leadership

The Estée Lauder Companies announced it will acquire the remaining interests in Forest Essentials, the Indian luxury Ayurveda beauty brand. The transaction is expected to close in the second half of 2026, subject to regulatory approvals.

This marks the completion of an 18-year partnership that began when Estée Lauder first took a 20% stake in Forest Essentials in 2008. The company increased its position to 49% in 2020.

Forest Essentials generated 5.8 billion rupees (around $63 million) in revenue in 2025, according to India’s Ministry of Corporate Affairs. The brand posted earnings before interest, taxes, depreciation and amortization of 2.8 billion rupees (around $30 million).

“Today marks a meaningful new chapter in a partnership built over the past 18 years on a foundation of mutual trust and respect,” said Stéphane de La Faverie, President and Chief Executive Officer of The Estée Lauder Companies.

The acquisition represents the first major purchase under de La Faverie’s leadership. Estée Lauder’s stock price has risen over 50% year-over-year.

Forest Essentials operates 130 stores in India and supplies products to 190 hotels. The brand exports to 120 countries. It ranks as the top prestige skincare brand in India, Estée Lauder’s largest emerging market.

Founded in 2000 by Mira Kulkarni with an investment of 200,000 rupees, Forest Essentials began by selling handmade soaps and candles. The business expanded after the Hyatt Regency hotel in Delhi ordered soaps for guest rooms.

Under the acquisition, Forest Essentials will remain headquartered in New Delhi under the guidance of founder Kulkarni and her son, Executive Director Samrath Bedi. The brand will maintain its integrated operations in India, including research and development, botanical sourcing, and manufacturing.

India’s beauty and personal care market reached 1.52 trillion rupees in 2024, according to Euromonitor data. The market is projected to grow from $26.58 billion in 2025 to $74.12 billion by 2035, representing a compound annual growth rate of 10.8%.

The Ayurvedic skincare segment shows particularly strong growth, with a projected compound annual growth rate of 27.2% from 2024 to 2030. Forest Essentials competes in this space alongside brands like Kama Ayurveda.

“We will be able to reinforce and strengthen the positioning of Forest Essentials in India, but at the same time use the commercial and operational scale of this historical company to bring Ayurveda to the global stage,” de La Faverie said.