L’Oréal has signed an agreement to acquire a majority stake in Innovist, the Indian personal care company behind a portfolio of science-led beauty and grooming brands. The move strengthens L’Oréal’s presence in India’s growing beauty market while adding locally developed brands to its portfolio.
Founded in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist will continue to be led by its founding team, who will remain minority shareholders and work alongside L’Oréal India to scale the business. Following the transaction, Innovist’s brands will become part of 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 Nicolas Hieronimus, Chief Executive Officer of L'Oréal. “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.”
Commenting on the development, Fabrice Megarbane, President Consumer Products Division, L’Oréal, said, “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.”
Jacques Lebel, Country Manager of L’Oréal India, 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.”
Sharing his perspective on the partnership, Rohit Chawla, CEO & Founder of Innovist, said, “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.”
Sifat Khurana, CMO & Co-Founder, said, “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.”
Vimal Bhola, Chief R&D Scientist & Co-Founder, added, “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.”
L’Oréal said it will begin consolidating Innovist’s sales following the completion of the transaction. The agreement also includes rights for L’Oréal to acquire the remaining minority shareholding in the future.
