Hindustan Unilever Ltd (HUL), India's largest consumer goods company, is targeting the growth potential in the 'masstige' beauty segment and eyeing acquisitions in the space.
HUL's CFO, Ritesh Tiwari, believes that the masstige beauty market has significant growth prospects despite being niche and small.
The masstige beauty segment refers to beauty and personal care products priced above Rs.250, positioned just above the premium segment.
HUL has already expanded its presence in this segment by launching five brands, including organic creations like Novology and the global portfolio brand Love Beauty Planet. Tiwari states that HUL remains open to external acquisitions of exceptional brands that can complement their portfolio in the masstige beauty segment.
Recent strategic investments by HUL include a majority stake acquisition in Oziva and a minority stake in Wellbeing Nutrition, both in the Health & Wellbeing category. HUL plans to evaluate further strategic investments in the masstige beauty segment, focusing on gut health, beauty, protein, vitamins, and mineral supplements.
Additionally, HUL intends to introduce selected brands from Unilever's global portfolio in the beauty category to the Indian market, expanding its offerings in the industry. HUL aims to capitalize on the evolving beauty and personal care industry, positioning itself for growth opportunities and meeting consumer demands.
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