L’Oréal, the world’s number one beauty company, announced Thursday, June 18, that it had acquired a majority stake in the capital ofInnovista platform for Indian personal care and beauty brands, without revealing the amount of the operation.
“This strategic decision confirms L’Oréal’s desire to expand in a rapidly growing beauty market in India, and completes its portfolio with local brands adapted to Indian consumers,” the French group said in a press release.
Innovist, founded in 2019, has developed popular brands such Bare Anatomy, SunScoopet Chemist at Playwith in-house research and development and manufacturing capabilities.
“By combining the best of L’Oréal’s global expertise with Innovist’s high-performance, science-backed products, as well as its deep understanding of the Indian consumer, I am confident that we are poised to shape the future of beauty in this dynamic market,” argued Nicolas Hieronimus, CEO of L’Oréalquoted in the press release.
Under the terms of the agreement, Innovist’s founding team will remain in place as minority shareholders, and will continue to run and grow the business in collaboration with L’Oréal India. L’Oréal also acquires the rights to ultimately repurchase in full the shares of minority shareholders.
The growing Indian beauty market is of strong interest to international companies, but Indian Gen Z shows a strong preference for national brandshence the interest in going through partnerships with Indian companies, according to specialists.
