L’Oréal Expands Presence in India with Innovist Acquisition
L’Oréal Acquires Majority Stake in Innovist
The renowned French cosmetics company L’Oréal has secured a majority stake in Innovist, a prominent player in India's personal care sector. This acquisition underscores the intensifying competition within the beauty industry in India. Innovist will now join L’Oréal's consumer products division, while its founders will retain minority stakes in the company.
This marks L’Oréal's first acquisition of an Indian company in almost 13 years. CEO Nicolas Hieronimus stated, "Our investment in this innovative Indian startup clearly demonstrates our strong commitment to enhancing L’Oréal's presence in India." Although the financial specifics of the transaction were not disclosed, an agreement has been finalized. This strategic acquisition is a significant advancement for L’Oréal in the rapidly growing Indian beauty market, enriching its portfolio with local brands designed for Indian consumers.
Founded in 2019 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist is a digital-first personal care brand known for its science-driven approach, featuring products like Bare Anatomy and Chemist at Play. Their skincare and hair care offerings are accessible through their direct-to-consumer channels, major e-commerce platforms, and offline retail collaborations across India.
Commenting on the acquisition, L’Oréal CEO Nicolas Hieronimus remarked, "By merging L’Oréal's global expertise with Innovist's high-quality, science-based products and their profound understanding of Indian consumers, we are well-positioned to influence the future of beauty in this vibrant market." Fabrice Megarbane, President of L’Oréal's Consumer Products Division, highlighted India as one of the most dynamic beauty markets worldwide, emphasizing that this partnership will enhance the company's connection with tech-savvy consumers. Innovist CEO Rohit Chawla expressed that this collaboration aligns with their mission to provide science-backed beauty solutions with transparent formulations, while also gaining access to L’Oréal's extensive scientific innovation resources.