French beauty giant L’Oréal has signed an agreement to acquire a majority stake in personal care startup Innovist, strengthening its position in India’s rapidly expanding beauty and personal care market. The transaction marks another strategic move by the global cosmetics leader to deepen its presence in one of the world’s fastest-growing consumer markets.
Although the companies have not disclosed the financial details of the deal, previous media reports estimated that the transaction could value Innovist between $350 million and $450 million (approximately Rs 3,240 crore to Rs 4,170 crore).
Founded in 2019 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist has built a portfolio of science-led personal care brands, including Bare Anatomy and Chemist at Play. The company distributes its products through direct-to-consumer (D2C) channels, e-commerce platforms, quick commerce networks, and offline retail outlets, enabling it to reach a wide consumer base across India.
Under the agreement, the founding team will continue to lead the business while retaining a minority stake in the company. Additionally, Innovist’s brands will become part of L’Oréal’s Consumer Products Division portfolio, further enhancing the global beauty company’s offerings in the Indian market.
The companies expect to complete the transaction in the coming months, subject to regulatory approvals and customary closing conditions. Furthermore, L’Oréal has secured the right to acquire the remaining minority shareholding at a later stage.
Commenting on the acquisition, Nicolas Hieronimus, Chief Executive Officer of L’Oréal, said, “Our investment in this innovative Indian startup is a clear testament to our commitment to expanding L’Oréal’s footprint in India.”
The acquisition strengthens L’Oréal’s position in India while adding a portfolio of digital-first beauty and personal care brands that focus on science-backed skincare and haircare solutions tailored to Indian consumers. As consumer demand for specialised beauty, skincare, and haircare products continues to rise, the deal enables L’Oréal to capture a larger share of the premium personal care segment.
Over the years, Innovist has emerged as one of India’s prominent digital-first personal care companies. The startup competes with leading brands such as Honasa Consumer, Pilgrim, and Minimalist in the premium beauty and wellness category, where science-driven product development continues to attract strong consumer interest.
The transaction also reflects the ongoing consolidation trend within India’s D2C beauty and wellness sector. Large consumer goods companies have increasingly acquired fast-growing digital-first brands to strengthen their portfolios and accelerate growth.
Earlier this year, Hindustan Unilever Limited acquired the remaining 49% stake in Oziva for Rs 824 crore. During the same period, USV acquired a 79% stake in Wellbeing Nutrition, while Marico purchased a 60% stake in Cosmix at a valuation of Rs 375 crore. Other significant transactions in the sector include Marico’s acquisition of 4700BC, ITC’s acquisition of Yoga Bar, and Honasa Consumer’s acquisition of The Derma Co.
The consolidation wave gained further momentum last year when Hindustan Unilever Limited acquired Minimalist at a pre-money valuation of Rs 2,955 crore. If the Innovist acquisition closes at the higher end of the reported valuation range, the L’Oréal–Innovist deal could surpass the HUL–Minimalist transaction to become one of the largest acquisitions in India’s D2C beauty and personal care industry.
As global beauty companies intensify their focus on India, the acquisition highlights the growing importance of digital-first brands, science-backed product innovation, and omnichannel distribution strategies in shaping the future of the country’s beauty and personal care market.
