Minimalist
Business Model Analysis
How Minimalist Makes Money
Annual Revenue: ~$80.1M
Minimalist generates revenue primarily through Beauty & Personal Care, with roughly ~$80.1M in annual revenue.
Core Growth Engine: Growth levers are new categories (haircare, bodycare, sunscreen), wider offline reach through HUL's distribution, quick-commerce, and selective exports. Spending on advertising remains the main engine: it rose 55% in FY2...
Revenue Model & Pricing
Minimalist sells its own branded skincare, haircare and bodycare products; product sales account for all of its revenue. Most sales come through its D2C website (beminimalist.co) and marketplaces such as Amazon, Nykaa and Flipkart, with quick-commerce apps and offline retail adding reach. Advertising and promotion is the largest cost: ~$27.3 million (₹235 crore) in FY26, over 35% of total expenses, while marketplace commissions and distribution cost ~$11.3 million (₹97.4 crore). Since April 2025 the brand sits inside HUL's Beauty & Wellbeing division.
Core Revenue Streams
Own website (D2C)
Not formally reportedSkincare, haircare and bodycare sold on beminimalist.co. Product sales are all of the company's revenue.
Online marketplaces
Not formally reportedAmazon, Nykaa and Flipkart. Marketplace commissions and distribution cost ~$11.3 million (₹97.4 crore) in FY26.
Quick commerce and offline retail
Not formally reportedNewer channels that widen reach. Since April 2025 the brand has been part of HUL's Beauty & Wellbeing division.
Growth Strategy
Growth levers are new categories (haircare, bodycare, sunscreen), wider offline reach through HUL's distribution, quick-commerce, and selective exports. Spending on advertising remains the main engine: it rose 55% in FY26 as revenue grew 36%.
How Minimalist Makes Money: FAQ
How does Minimalist generate revenue across D2C e-commerce and retail channels?
Minimalist operates an omnichannel consumer beauty and personal care business model. It generates revenue through direct sales on its proprietary website (beminimalist.co), leading e-commerce marketplaces (Amazon India, Nykaa, Flipkart, Blinkit, Zepto, Myntra), and physical retail distribution across thousands of modern beauty stores and pharmacies (Shoppers Stop, Apollo Pharmacy).
What is Minimalist's largest expense?
Advertising and promotion: ~$27.3 million (₹235 crore) in FY26, over 35% of total expenses.
What does Minimalist sell?
Serums, moisturizers, sunscreens, cleansers, toners and haircare and bodycare products built around named active ingredients.
How does Minimalist make money?
Minimalist operates an omnichannel consumer beauty and personal care business model. It generates revenue by formulating and selling dermatologically tested serums, sunscreens, moisturizers, and hair treatments priced between ₹300 and ₹700 ($4 to $9). Products are sold direct-to-consumer via its website, on e-commerce platforms (Nykaa, Amazon, Flipkart), via quick-commerce grocery apps (Blinkit, Zepto, Instamart), and across thousands of physical retail pharmacies and beauty counters.
Why does Minimalist operate its own manufacturing in Jaipur?
Unlike many Indian D2C beauty brands that rely on third-party contract manufacturers, Minimalist invested in proprietary formulation laboratories and cleanroom manufacturing facilities in Jaipur. In-house manufacturing allows the company to control ingredient purity, conduct rigorous stability testing, iterate on customer feedback in weeks, and capture high gross margins (~65-70%).
How important is quick commerce to Minimalist's sales strategy?
Quick commerce (10-minute delivery via platforms like Blinkit, Zepto, and Instamart) has become one of Minimalist's fastest-growing sales channels. Because daily skincare essentials like sunscreens, cleansers, and blemish serums are high-frequency replacement goods, immediate delivery drives impulsive purchases and eliminates cart abandonment.
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