After 13 Years on the Sidelines, L'Oréal Makes Its India Move
L'Oréal hadn't bought an Indian company since 2013. Its majority stake in digital-first Innovist is a bet that the future of beauty is being written in Bengaluru, not just Paris.
TL;DR — L'Oréal hadn't acquired an Indian company since 2013. On June 18, 2026, it took a majority stake in Innovist — the Bengaluru house behind Bare Anatomy and Chemist at Play — a bet that the future of beauty runs through India's digital-first generation.
The world's biggest beauty company has been conspicuously patient in India, the market everyone calls the next great prize. That patience ended on June 18, 2026.
The move
L'Oréal will take a majority stake in Innovist, folding its brands into the Consumer Products Division while the founders stay on, minority shareholders running the company they built, per the official release. It's L'Oréal's first Indian acquisition in nearly 13 years.
A young company, growing fast
| Deal fact | Detail |
|---|---|
| Target | Innovist (Bengaluru, founded 2019) |
| Brands | Bare Anatomy, Chemist at Play |
| Stake | Majority (founders stay as minority shareholders) |
| Reported value* | ~$350–450M / ₹4,000 crore |
| Innovist FY25 revenue | ₹299 crore (≈2.8× FY24) |
Not disclosed by L'Oréal; figure is media-reported.
Founded only in 2019, Innovist has the profile L'Oréal covets: science-led, born online, selling through D2C, quick-commerce and shelves alike. Its revenue roughly tripled to ₹299 crore in FY25, per Entrackr. The price tag L'Oréal won't confirm — Indian media whisper $350–450 million.
Why it matters
India's beauty market is reckoned at about $32.77 billion this year and climbing toward $48.7 billion by 2034 — young, digital, and up for grabs. "Innovist has built something truly special here in India," L'Oréal's consumer-products chief Fabrice Megarbane said, while CEO Nicolas Hieronimus framed the ambition plainly: to "shape the future of beauty in this dynamic market." For L'Oréal, the sidelines just got too expensive to stay on.
FAQ
What did L'Oréal buy?
A majority stake in Innovist, the Bengaluru digital-first beauty house behind Bare Anatomy and Chemist at Play — announced June 18, 2026.
Why is the timing notable?
It's L'Oréal's first Indian acquisition since 2013, signaling a serious push into one of the world's fastest-growing beauty markets.
What's the price?
Officially undisclosed; Indian media estimate around $350–450 million.
Who runs Innovist now?
Its founders stay on as minority shareholders and keep running it; L'Oréal can buy them out fully later.
Sources: L'Oréal Finance (press release), Reuters, Entrackr.
Image: ArionStar, CC0 (public domain), via Wikimedia Commons.
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