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- Sun, 14 December 2025
The skincare industry is often filled with shiny ads, big promises, and words like “natural” or “chemical-free.” But one Indian brand is doing things differently. Minimalist has come in with a simple message: skincare should be about facts, not fluff.
Most products list their ingredients in tiny text that’s hard to read: you almost need a magnifying glass to read them.
Minimalist does the opposite.
No loud or tacky packaging
No colours that hurt your eyes
No false promises
Just a clean, simple look that lists every ingredient in the bottle.
Minimalist started in 2020 with a simple vision: to build an honest skincare brand.
A brand that doesn’t make fake promises.
A brand that helps people understand that skincare products do have chemicals, and that’s completely okay.
Because not everything needs to be labelled “natural” to be safe or effective.
Interestingly, this vision wasn’t entirely original. The founders openly shared that they were inspired by The Ordinary, a global brand known for its ingredient-led skincare.
Since ordinary was not available in India at the time, minimalist had the perfect opportunity to create a brand that could generate a great demand, because it worked on honesty and transparency
And let’s be honest: People love honesty and transparency. Everyone loves brands that showcase their product in such a way that is raw and honest; in a way that they cannot resist buying them.
Let’s be honest: Companies, especially beauty brands, are always looking for a face: An aesthetic look and a famous name to promote their product, selling an aspiration to people that if they buy their product, they will look like the aesthetic face.
Minimalist, on the other hand, believes in “No marketing fluff”: It suggests that the “real people”, that is, their customers, are the face of the brand.
Minimalist wants to create an environment where beauty doesn’t seem aspirational, but it should be seen as something that should be attainable.
Minimalist’s revenue from operations surged to Rs 347 crore in FY24, up from Rs 184 crore in FY23, according to its consolidated financial statements sourced from the Registrar of Companies. The company also earned Rs 2.16 crore from non-operating activities, bringing its total revenue to Rs 349.56 crore in FY24.
Despite this growth, profitability has been modest, with profits fluctuating and reaching ₹10.84 Cr in FY24. The company’s Annual Revenue Run Rate (ARR) at the end of December 2024 was reported to be INR 500 Cr.
Their profit margin went down: in FY22, they made a profit of 12-15cr* while in FY24, they did roughly 11 crore.
We know minimalist spends less on marketing (25% as compared to 40-50% being the market average) and have a 60% repeat rate.
The answer to this question is simple: COGS (Cost of goods sold): the amount of money that it takes to manufacture the product.
This lowers their gross margin: While Minimilist has a gross margin of 65%, Mama Earth has a gross margin of 70% and Sugar stands at 72%.
The reasons for having such a huge COGS are:
To build a brand that can achieve even greater heights, one has to tap into its potential.
And the potential for beauty brands lies in the offline segment.
With in-house manufacturing, a minimalist could have a huge problem in scaling itself to unleash its potential. They might have faced several operational challenges and lost the essence of the product that they built.
Another challenge, The Ordinary, which was previously not available in India, has set its footsteps in the country. This is the biggest and direct competitor, and to tackle this, Minilist needs to strengthen its presence as fast as possible.
The founders knew the challenge ahead, and that is why, in a bold move, they decided that Hindustan Unilever Limited (HUL) shall acquire Minimilist.
Let us watch how minimalist makes in offline presence and grow as a big beauty brand.
[Credit for header image: Allure
This content is for informational purposes only and does not constitute legal, financial, or investment advice. We do not assume any liability for actions taken based on this information]
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