The Estée Lauder Companies Inc. has entered into an agreement to acquire the remaining interests in Forest Essentials, deepening a partnership between the two companies that began 18 years ago. The transaction remains subject to regulatory approvals and is expected to close in the second half of calendar year 2026.
The acquisition follows The Estée Lauder Companies’ initial minority investment in Forest Essentials in 2008, which was later increased to 49% in 2020. Founded in 2000 by Mira Kulkarni, Forest Essentials has positioned itself in the premium Ayurveda-based beauty segment and currently operates nearly 200 freestanding stores.
The company stated that Forest Essentials is forecasted to grow net sales in the low double digits. Combined with The Estée Lauder Companies’ existing portfolio, India is expected to become the company’s largest emerging market.
Founders to Continue Leading Operations From India
Under the agreement, Forest Essentials will continue to be headquartered in New Delhi, with Mira Kulkarni and her son, Executive Director Samrath Bedi, continuing to oversee the brand.
The company will also retain its vertically integrated operating model in India, including Ayurveda-focused research and development, local botanical sourcing, and in-house manufacturing operations.
Stéphane de La Faverie, President and Chief Executive Officer, The Estée Lauder Companies, said: “Today marks a meaningful new chapter in a partnership built over the past 18 years on a foundation of mutual trust and respect. Forest Essentials is an exceptional brand, beloved in India and created and nurtured by its founder, Mira Kulkarni. Entrepreneurial spirit lives at the heart of The Estée Lauder Companies, and we have a deep, inherent appreciation for the vision and tenacity required to build a brand of this caliber. We are honored to strengthen our partnership with Mira, who, like Mrs. Estée Lauder, has elevated the prestige beauty industry through a clear vision of authenticity and purpose.
“This next phase of partnership reflects our long-term commitment to India—one of our largest and most significant emerging markets—and our conviction in the global resonance of this remarkable brand. Together, our ambition is clear: to further strengthen the brand’s leadership at home while thoughtfully introducing it to a global audience. We are committed to expanding this reach without compromising the integrity, craftsmanship, and cultural soul that define Forest Essentials, and look forward to supporting Mira and her son Sam in the brand’s exciting future.”
Luxury Ayurveda Expands Global Reach
Mira Kulkarni, Founder and Managing Director, Forest Essentials, said: “Over the past 25 years, we have built this brand with an uncompromising commitment to the authenticity, craftsmanship and wisdom of our heritage. For me, what has always set The Estée Lauder Companies apart is their profound respect for a founder’s vision; they understand how to preserve a brand’s soul while providing the global expertise needed to scale.
“Our shared mission has always been to establish Luxury Ayurveda as a globally respected pillar of modern beauty. Ayurveda is not folklore; it is a sophisticated system of science, ritual, and holistic wellbeing. By combining our heritage with the operational strength of The Estée Lauder Companies, we have the opportunity to bring this wisdom to a global audience—presented with the same integrity, elegance, and uncompromising standards that define Forest Essentials today. This next phase is about continuity and growth. We continue to lead the brand from India, strengthening our operational excellence and commitment to our Indian consumers, while thoughtfully expanding internationally.”
The Estée Lauder Companies currently operates 14 brands across skincare, makeup, fragrance, and hair care categories in India.
Market Research Outlook Analysis
The acquisition signals growing global interest in India’s premium Ayurveda and heritage beauty segment, particularly among multinational beauty companies seeking culturally rooted brands with international scalability. The move is likely to intensify competition in luxury skincare and wellness categories as both domestic and global players expand Ayurveda-based product portfolios. For incumbents and emerging D2C brands, founder-led authenticity and vertically integrated sourcing models are becoming increasingly important differentiators. The broader beauty sector is steadily moving toward heritage-led premiumisation with stronger global positioning for Indian-origin wellness brands.
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Source: The Estée Lauder Companies
