L’Oréal buys majority stake in Indian beauty startup Innovist

L’Oréal has bought a majority stake in Innovist, the Indian startup behind Bare Anatomy haircare and Chemist at Play skincare, in a deal that underlines how global beauty giants are chasing growth in India by acquiring local brands rather than building them from scratch. Financial terms were not disclosed, but L’Oréal said the business will join its Consumer Products Division and that the founders will remain involved as minority shareholders.

The move gives L’Oréal a stronger foothold in a market it has described as strategically important but still relatively small for the company. Reuters reported that India accounts for about 1% of L’Oréal’s turnover, even as the company has posted high single-digit growth there. The French group’s last acquisition in India came in September 2013, when it bought Cheryl’s Cosmeceuticals, a Mumbai-founded brand established in 1986 by Oscar and Cheryl Pereira.

India’s appeal is obvious in the numbers. Reuters reported in 2025 that the country’s luxury beauty market was expected to grow to $4 billion by 2035 from $800 million in 2023. Luxury beauty still represented just 4% of India’s $21 billion beauty and personal-care market, leaving room for expansion as young, affluent and social-media-savvy consumers lift spending.

Innovist fits that shift. L’Oréal said the company was founded in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola, and described it as one of India’s fastest-growing science-led and digital-first personal-care companies. Its products are sold through direct-to-consumer platforms, major e-commerce and quick-commerce channels, as well as offline retail partnerships nationwide. L’Oréal India country manager Jacques Lebel said the partnership is meant to bring the company closer to digitally savvy Indian beauty consumers, while chief executive Nicolas Hieronimus called the investment a sign of L’Oréal’s commitment to India.

The transaction also reflects a broader pattern in India’s consumer market, where established multinational groups are leaning on local founders, sharper digital brands and ingredient-led positioning to win share. Media reports have valued the deal at roughly Rs 4,000 crore, though neither company disclosed terms. Innovist had previously raised a Series B round led by ICICI Venture, and its founders had already built and exited The Man Company, which Emami acquired in tranches beginning in 2017 in a deal valued at around Rs 400 crore.

For L’Oréal, the Innovist purchase is both a defensive move and an offensive one: it strengthens a business that has not gained enough share in India while plugging the company into one of the fastest-moving consumer markets in the world.