L’Oreal, the world’s leading beauty player, has signed an agreement to acquire a majority stake in Innovist, a digital-first personal care house of brands in India.
Founded in 2019, Innovist is a science-led company behind skincare and hair care brands such as Bare Anatomy and Chemist at Play. Under the agreement, Innovist’s founding team will remain in place as minority shareholders to continue operating and scaling the business in collaboration with L’Oreal India. The brands will become part of L’Oreal’s Consumer Products Division portfolio, and L’Oreal will start consolidating Innovist sales from the date of the closing of the transaction. The deal is expected to be completed in the next few months, subject to regulatory approvals and other customary conditions.
Commenting on the investment, L’Oreal Chief Executive Officer Nicolas Hieronimus said: “Our investment in this innovative Indian start-up is a clear testament to our unwavering commitment to expanding L’Oréal’s footprint in India”.
Rohit Chawla, CEO and founder of Innovist, added: “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”.
Source: L’Oreal
