Estée Lauder to acquire remaining 51% of Forest Essentials, making India its largest emerging market

March 4, 2026 — ELC entered an agreement to acquire the remaining 51% of New Delhi-based modern-luxury Ayurveda brand Forest Essentials, completing an 18-year partnership begun in 2008 (raised to 49% in 2020). The deal is expected to close in H2 2026 subject to regulatory approvals. Forest Essentials operates nearly 200 standalone stores in India and is forecast to deliver low double-digit net sales growth. CEO Stéphane de La Faverie has explicitly positioned India as ELC's largest emerging market priority, offsetting continued China travel-retail headwinds — a durable structural shift, not a China-hedge trade.