Hindustan Unilever has agreed to acquire beauty startup Minimalist for about $342 million, as the consumer goods giant seeks to expand in India’s fast-growing premium skincare market.

Hindustan Unilever Ltd.’s shares fell after India’s largest consumer goods company reported quarterly profit that missed analyst estimates as inflationary pressures continued to weigh on demand.

India's Competition Commission of India (CCI) on Monday, March 17, approved fast-moving consumer goods (FMCG) giant Hindustan Unilever's plea to acquire a majority stake in premium skincare brand ...