L’Oréal to acquire majority stake in Innovist

L’Oréal today announced that it has signed an agreement to acquire a majority stake in Innovist, a house of personal care brands in India. This strategic move marks a major step in L’Oréal’s expansion in India’s fast-growing beauty industry and complements its portfolio with local brands tailored for Indian consumers, stated a press release.

Innovist was founded in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola.

Under the agreement, the Innovist founding team will remain in place, as minority shareholders, and will continue to operate and scale the business in collaboration with L’Oréal India. The Innovist brands will be 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.”

“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," said Fabrice Megarbane, President Consumer Products Division, L'Oréal. "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," added Jacques Lebel, Country Manager of L'Oréal India.

"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,” said Rohit Chawla, CEO & Founder of Innovist.  “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."

“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,” said Sifat Khurana, CMO & Co-Founder.  “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.” added Vimal Bhola, Chief R&D Scientist & Co-Founder.

L’Oréal will start consolidating Innovist sales from the date of the closing of the transaction. As part of the agreement, L’Oréal has also secured rights to buy out the minority shareholders in full.