Archive · 17 Nov 2025
Men's Grooming Market Sees Surge in Investment and M&A Activity
Companies are investing more money and buying each other in the men's grooming business because young guys are starting to care more about how they look.
This market used to be small, but now it's growing with new products like special face washes and beard oils.
Big, old companies are still doing well, but newer companies are trying to compete by offering cool stuff at good prices.
Even though these new companies are spending a lot and sometimes losing money, investors see a big opportunity.
Men are also buying more in smaller towns, helped by online shopping.
This is all happening because younger men are more open to trying new things and spending money on themselves.
Men's grooming market experiencing a surge in investment and M&A activity from FMCG majors and private investors.
Deals in the segment have more than doubled in 2025 (YTD) compared to 2023, with 66 deals in the last five years.
Growth is driven by changing consumer behavior, especially increased experimentation and spending by millennials and Gen Z.
The market is expanding beyond basic products into higher-value segments like skincare, beard care, and fragrances.
Legacy firms maintain scale and distribution, while new-age players challenge with innovative products but face profitability challenges and intense competition.
- Who
- Fast-moving consumer goods (FMCG) majors, private investors, and new-age brands (e.g., Muuchstac, Bombay Shaving Company, Ustraa), alongside legacy firms (e.g., Gillette India, Philips India) and consumers (especially millennials and Gen Z).
- What
- Increased investment and M&A activity in the men's grooming market, with a shift towards higher-value segments and premium products.
- When
- Deals have doubled in 2025 (YTD) compared to 2023; growth trends observed over the past five years and continuing into FY24-FY25.
- Where
- India, with growth also being seen in tier-2 and tier-3 cities, beyond the metros.
- Why
- Changing consumer behavior, particularly among younger generations (millennials and Gen Z) who are more willing to experiment and invest in personal care, skincare, and premium grooming products.
Legacy Firms
New-Age Players
Market Share and Profitability
Legacy Firms
Legacy firms like Gillette India and Philips India maintain significant market share and reported substantial revenues and profits.
New-Age Players
New-age players like Ustraa and Bombay Shaving Company are growing but are burning cash and facing widening losses despite increased revenues, indicating challenges in achieving profitability.
Strategy and Focus
Legacy Firms
Legacy firms benefit from established scale and offline distribution networks.
New-Age Players
New-age players are focusing on premium, niche products, competitive pricing, and digital-led strategies to capture market share but face intense competition and higher marketing expenses.
- Firms acquired/invested in
- Muuchstac (acquired by GCPL for ₹450 crore), Bombay Shaving Company (raised ₹136 crore), Ustraa (acquired by VLCC)
- Investment trends
- Deals more than doubled to $85 million in 2025 (YTD) compared to 2023; 66 deals in the past five years.
- Gillette India revenue (FY25)
- Approx. ₹2,235 crore
- Gillette India net profit (FY25)
- Approx. ₹418 crore
- Philips India gross income (FY25)
- Approx. ₹6,630 crore
- Philips India net profit (FY25)
- Approx. ₹309 crore
- Ustraa operating revenue (FY24)
- ₹94 crore
- Ustraa losses (FY24)
- ₹50 crore (widened from FY23)
- Bombay Shaving Company operating income (FY24)
- ₹225 crore (up 27%)
- Bombay Shaving Company losses (FY24)
- ₹62 crore (narrowed)