Mumbai: French cosmetics giant L’Oréal has signed a definitive agreement to acquire a majority stake in Indian D2C cosmetics brand Innovist, as the company looks to expand its portfolio in India burgeoning cosmetics market. According to the deal, the founding team will remain in place as minority shareholders and will continue to lead Innovist, driving its popular brands like Bare Anatomy, Chemist at Play and Sunscoop.
While the financials of the deal were not disclosed, it is estimated to be valued between $350 and $ 450 million.
“Our investment in this innovative Indian start-up is a clear testament to our unwavering commitment to expanding L’Oréal’s footprint in India,” Nicolas Hieronimus, Chief Executive Officer of L’Oréal, said in a press release.
“By bringing together the very best of L’Oréal’s global expertise with Innovist’s high-performing, science-led products and deep-rooted understanding of the Indian consumer, I believe we are poised to shape the future of beauty in this dynamic market,” he added.
“Innovist has built something truly special here in India, and by joining forces we look forward to bringing L’Oréal even closer to the new generation of digitally-savvy Indian beauty consumers,” Jacques Lebel, Country Manager of L’Oréal India, added.
The transaction is expected to be completed within the next few months, subject to regulatory approvals. L’Oreal also has the right to buy out other minority shareholders (except the founders).
