L’Oréal has signed an agreement to acquire a majority stake in Indian personal care company Innovist, marking an important step in the French beauty group’s expansion strategy in one of the world’s fastest-growing beauty markets.
Financial terms of the transaction were not disclosed.
Under the terms of the agreement, the Innovist founding team will remain involved in the business as minority shareholders and will continue to lead its operations and growth strategy in collaboration with L’Oréal India.
Following completion of the transaction, Innovist’s brands will join L’Oréal’s Consumer Products Division portfolio.
“Our investment in this innovative Indian start-up is a clear testament to our unwavering commitment to expanding L’Oréal’s footprint in India,” said L’Oréal Group Chief Executive Officer Nicolas Hieronimus.
“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.”
“India is one of the most exciting and fast-evolving beauty markets in the world, and this partnership places us right at the heart of that momentum. For the Consumer Products Division, this is a key milestone, one that reflects both our ambition and our commitment to this extraordinary market,” added L’Oréal Group President Consumer Products Division Fabrice Megarbane.
L’Oréal India Country Manager Jacques Lebel 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.
Founded in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist has established itself as a science-led, digital-first personal care company in India. The business has built a portfolio of brands including Bare Anatomy and Chemist at Play, supported by in-house research, development and manufacturing capabilities.
The company’s skincare and haircare products are distributed through direct-to-consumer platforms, major ecommerce and quick commerce channels, as well as a growing network of offline retail partnerships across India.
Innovist Co-Founder & CEO Rohit Chawla commented: “We founded Innovist on the conviction that Indian consumers deserve beauty products built on real science with full transparency on formulation, and that these products could be made in India to global standards.”
“This partnership with L’Oréal brings together a deep alignment in this vision and product philosophy, with the global scientific innovation resources to grow this ambition. Together, we see a significant opportunity to build the next generation of beauty brands.”
Innovist Co-Founder and CMO Sifat Khurana added: “We built Innovist for consumers like me, without compromises and shortcuts. That intention has today resulted in a partnership with the world’s largest beauty company, and the beginning of a much larger chapter for Indian beauty.”
“At Innovist, scientific rigour has been the culture since day one. We share this deep-rooted foundation with L’Oréal and a shared vision for the future of beauty powered by science.” added Innovist Co-Founder and Chief Research & Development Scientist Vimal Bhola.
L’Oréal will begin consolidating Innovist sales from the date of the closing of the transaction. As part of the agreement, L’Oréal has also secured rights to buy out the minority shareholders in full.
The transaction is expected to be completed in the next few months after regulatory approvals and other customary conditions. ✈
