Following Minority Investment, The Estée Lauder Companies to Acquire Remaining Shares in Forest Essentials

Mira Kulkarni to Continue to Oversee Brand with Headquarters Remaining in New Delhi

The Estée Lauder Companies Committed to Bringing Luxurious Ayurveda to the World

The Estée Lauder Companies Inc. (NYSE:EL) announced today that it has entered into an agreement, subject to regulatory approvals, to acquire the remaining interests in Forest Essentials, the Indian beauty brand grounded in the science of modern Luxurious Ayurveda. Building on a trusted 18-year partnership, this milestone celebrates The Estée Lauder Companies' long-term commitment to nurturing and growing this extraordinary Indian brand and to expanding its consumer reach globally. Today's announcement reflects the company's strong confidence in Forest Essentials' highly trusted brand equity, its vertically integrated capabilities, and its sustainability ethos. The transaction is expected to close in the second half of calendar year 2026 and follows The Estée Lauder Companies' minority investment in Forest Essentials, initially made in 2008 and increased to 49% in 2020.

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Forest Essentials

Founded in 2000 by visionary entrepreneur Mira Kulkarni, Forest Essentials represents the soul and artistry of Indian beauty. The brand has redefined modern Luxurious Ayurveda for today's world, transforming time-honored beauty rituals into exquisitely crafted formulations, immersive retail experiences with nearly 200 freestanding stores, and sensorial indulgences rooted in purity and craftsmanship. Its uncompromising commitment to authenticity has resonated deeply with consumers, establishing it as the top-ranked brand in prestige Skin Care in India¹. The brand, which is forecasted to grow net sales low double digits, combined with The Estée Lauder Companies' existing brand portfolio will make India the company's largest emerging market. With this acquisition, The Estée Lauder Companies is well-positioned to gain prestige beauty share in one of the most dynamic beauty markets in the world.

Under the continued guidance and direction of Mrs. Kulkarni and her son, Executive Director Samrath Bedi, Forest Essentials will remain headquartered in New Delhi. The brand will maintain its fully integrated operational ecosystem in India, spanning Research & Development that is grounded in Ayurveda, responsible and local botanical sourcing, and in-house manufacturing. This Indian end-to-end model will continue to enable the brand to innovate with integrity, uphold exceptional quality, reduce its environmental impact, and continue cultivating enduring consumer trust.

Through this partnership with The Estée Lauder Companies, Forest Essentials will leverage global brand-building capabilities, a prestige distribution network, and operational expertise to drive long-term, sustainable growth while preserving the brand's distinctive Luxurious Ayurvedic DNA and Indian heritage. The collaboration is a strategic investment in Forest Essentials' future, creating a scalable platform that will broaden consumer reach and bring modern Luxurious Ayurveda to new audiences all over the world.

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."

For more than two decades, The Estée Lauder Companies has played a meaningful role in contributing to India's prestige beauty landscape, with 14 of its brands across Skin Care, Makeup, Fragrance, and Hair Care serving consumers nationwide. This milestone acquisition further reinforces the company's long-term commitment to the market's high-growth prestige beauty industry and reflects its founder-first strategy that champions distinctive, culturally rooted brands with global resonance. This strategy is also reflected in the Company's BEAUTY&YOU India initiative, which discovers, propels, and supports the next generation of India-focused beauty entrepreneurs.

The company has also prioritized social investments in the market, with more than $14 million dedicated to strengthening health, education, leadership, and life skills through partnerships with local NGOs. Together, these strategic and social investments reinforce The Estée Lauder Companies' long-term commitment to India, strengthening the company's leadership in one of the world's most dynamic beauty markets while bringing Indian innovation to a global audience.

Forward-Looking Statement

The forward-looking statements in this press release, including those in the quoted remarks and those relating to the closing of the transactions and benefits and other expectations for Forest Essentials involve risks and uncertainties. Factors that could cause actual results to differ from those forward-looking statements include current economic and other conditions, including volatility, in the global marketplace, actions by retailers, suppliers and consumers, competition, the transition and ongoing success of the collaborative relationship of the parties, contingencies set forth in the various transaction agreements, the abilities to implement the forward business plans, and those risk factors described in ELC's annual report on Form 10-K for the year ended June 30, 2025.

About The Estée Lauder Companies Inc.

The Estée Lauder Companies Inc. is one of the world's leading manufacturers, marketers, and sellers of quality skin care, makeup, fragrance, and hair care products, and is a steward of luxury and prestige brands globally. The company's products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, the DECIEM family of brands, including The Ordinary and NIOD, and BALMAIN Beauty.

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The Estée Lauder Companies and Forest Essentials to Enter a New Chapter in Their Long-Term Partnership