Shantanu Deshpande, founder and CEO of Bombay Shaving Company via LiveMint- HUL acquires Minimalist for ₹2,706 crore in April 2025
- Shantanu Deshpande of Bombay Shaving Company predicts Minimalist’s decline under HUL
- Deshpande questioned whether founder-driven momentum can be sustained within a legacy FMCG structure
Hindustan Unilever Limited (HUL) acquired Minimalist, a prominent Indian direct-to-consumer skincare brand, for ₹2,706 crore in April. This strategic move has given HUL a 90.5% stake in Uprising Science, the parent company of Minimalist, further expanding HUL’s presence in the skincare market.
Shantanu Deshpande, founder and CEO of Bombay Shaving Company, has stirred up controversy on LinkedIn by forecasting that Minimalist, the skincare brand recently acquired by Hindustan Unilever (HUL), “will not survive or remain relevant in its current form in the next 3–5 years.”
HUL acquired Minimalist, a prominent Indian direct-to-consumer skincare brand, for ₹2,706 crore in April, gaining a 90.5% stake in its parent company, Uprising Science. However, Shantanu Deshpande believes this acquisition might signal the eventual decline of the brand, which was once driven by its founder’s vision.
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Shantanu Deshpande praised the founders’ decision to sell Minimalist, noting that they made a significant profit, with “They sold for a whopping ₹3,000 crore, made ₹2,000 crore for themselves, ₹1,000 crore for others, and have left. It was the right thing to do. I would have done the same.” However, he cautioned that with the founders and original leadership gone, the brand now faces challenges under new leadership, describing it as “a new CEO is at the helm of a struggling giant.”
Shantanu Deshpande questioned whether founder-driven momentum can be sustained within a legacy FMCG structure, citing the challenges that come with it. He pointed out that “The acquisition integration is tough, the category is competitive, and the big players are circling.”
The LinkedIn post sparked intense reactions, with some users defending Minimalist’s growth potential and valuation, arguing that HUL’s resources and scale could propel the brand forward. Conversely, others shared Deshpande’s doubts, citing instances of startup acquisitions that lost momentum under corporate ownership.
HUL’s recent leadership changes add to the uncertainty surrounding Minimalist’s future. CEO Rohit Jawa, who assumed the role in June 2023, unexpectedly stepped down after a brief tenure. Priya Nair, former Unilever’s global president of beauty & wellbeing, has taken over as HUL’s first female CEO w.e.f. August 1 – bringing new leadership dynamics to the company.
Founded in 2020, Minimalist is one of several D2C brands acquired by HUL, including Oziva and Wellbeing Nutrition, as part of its expansion push. However, Shantanu Deshpande’s cautionary note highlights the potential risks of scaling niche digital brands within a large, mass-market framework, where their unique identities and agility may be compromised.
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