The Estée Lauder Companies has entered into an agreement to acquire the remaining interests in Forest Essentials, the Indian beauty brand based on Ayurvedic formulations. The transaction is subject to regulatory approvals and is expected to close in the second half of calendar year 2026.
The deal builds on an 18-year partnership between the two companies. The Estée Lauder Companies first made a minority investment in Forest Essentials in 2008 and increased its stake to 49% in 2020.
Forest Essentials was founded in 2000 by entrepreneur Mira Kulkarni. The brand has nearly 200 freestanding stores and operates across research and development, botanical sourcing and manufacturing in India.
The company said the acquisition would strengthen its position in India, which it expects to become its largest emerging market when combined with its existing brand portfolio.
Forest Essentials will remain headquartered in New Delhi and continue operating its integrated model in India, including research and development based on Ayurveda, local sourcing and in-house manufacturing. The company will continue to be guided by Kulkarni and her son, Executive Director Samrath Bedi.
The brand is forecast to grow net sales in the low double digits, according to the company.
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.”
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.”
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