Brands
Minimalist crosses Rs 500 crore mark with 48 per cent growth
Skincare brand posts strong revenue jump in FY25, though rising costs lead to a Rs 31.5 crore net loss
MUMBAI: Beauty might be skin deep, but the latest balance sheet for Minimalist shows some serious muscle underneath. The Jaipur-based skincare disruptor has officially crossed the Rs 500 crore milestone, reporting a 48 per cent jump in operating revenue to Rs 514.8 crore for FY25.
While the top line is glowing, the bottom line tells a slightly more complexion story. Despite the sales surge, the brand slipped into a net loss of Rs 31.5 crore, a sharp pivot from last year’s profit.
Growing a brand in the crowded D2C (Direct-to-Consumer) aisle is rarely cheap. Minimalist spent heavily to stay in the spotlight, with advertising and promotional costs climbing 28 per cent to reach Rs 154 crore. That means nearly a third of their total spending went toward making sure their serums and toners ended up in your digital shopping cart.
Other key expenses included materials, which rose 57 per cent to Rs 146.7 crore as the company worked to keep up with growing demand. Distribution costs, including marketplace commissions, reached Rs 84.3 crore, reflecting the brand’s push to expand its presence across platforms.Staffing expenses also grew, with employee benefits climbing 29 per cent to Rs 36.8 crore to support the team behind the rapid growth. Overall, total expenses rose by 51 per cent to Rs 504 crore. On a unit level, the company spent Rs 0.98 for every Rs 1 it earned in operating revenue. Even though the company had Rs 18 crore in positive Ebitda (its core profit), a one-time expense pushed it into a loss.
A one-time expense of Rs 46 crore, likely linked to the brand’s upcoming marriage with Hindustan Unilever Limited (HUL), pushed the final numbers into the negative. HUL is currently in the process of acquiring a 90.5 per cent stake in the brand at a valuation of Rs 2,955 crore (about $350 million).
Despite the temporary dip into loss, the brand remains a powerhouse. Founded only in 2020 by Mohit and Rahul Yadav, it has quickly scaled via its own website and giants like Amazon, Nykaa, and Flipkart.
With Rs 48 crore in the bank and the backing of a global giant like HUL expected to close by early FY26, Minimalist seems well-positioned to turn its high-growth momentum into long-term stability.
Brands
Lululemon picks former Nike executive to be its next chief
Heidi O’Neill, who helped grow Nike into a $45 billion giant, will take the top job in September
CANADA: Lululemon has found its next chief executive, and she comes with serious credentials. The athleisure giant named Heidi O’Neill as its new CEO on Wednesday, ending a search that has left the company running on interim leadership since earlier this year. O’Neill will take charge on September 8, 2026, based out of Vancouver, and will join the board on the same day.
O’Neill brings more than three decades of experience across performance apparel, footwear and sport. The bulk of that time was spent at Nike, where she was a central figure in one of corporate sport’s great growth stories, helping take the company from a $9 billion business to a $45 billion global powerhouse. She oversaw product pipelines, brand strategy and consumer connections, and played a significant role in shaping how Nike spoke to athletes around the world. Earlier in her career, she worked in marketing for the Dockers brand at Levi Strauss. She also brings boardroom experience from Spotify Technology, Hyatt Hotels and Lithia and Driveway.
The board was unequivocal in its enthusiasm. “We selected Heidi because of the breadth of her experience, her demonstrated success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent,” said Marti Morfitt, executive chair of Lululemon’s board.
O’Neill, for her part, was bullish. “Lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential,” she said. “My job will be to accelerate product breakthroughs, deepen the brand’s cultural relevance, and unlock growth in markets around the world.”
Until she arrives, Meghan Frank and André Maestrini will continue as interim co-CEOs, before returning to their previous senior leadership roles once O’Neill steps in.
Lululemon is betting that a Nike veteran who helped build one of the world’s most powerful sports brands can do something similar for an athleisure label that has genuine love from its customers but is still chasing its full global potential. O’Neill has done it before at scale. The question now is whether she can do it again.
