Clichy [France], June 18 (ANI): French beauty major L'Oreal Groupe on Thursday announced that it has signed an agreement to acquire a majority stake in Indian digital-first personal care brand Innovist, marking a significant expansion of its presence in one of the world's fastest-growing beauty markets.

Announcing the deal, L'Oreal said the acquisition reinforces its long-term commitment to India and will help expand its portfolio of science-led, locally relevant beauty brands.

'This strategic move marks a major step in L'Oreal's expansion in India's fast-growing beauty industry and complements its portfolio with local brands tailored for Indian consumers,' the company said in a statement.

L'Oreal described the transaction as a 'Strategic expansion in India' that 'reinforces L'Oreal's commitment to India and accelerates its strategy to scale and lead in one of the world's fastest-growing beauty markets.'

Founded in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist owns digital-first brands including Bare Anatomy and Chemist at Play. The company said its products are built on 'science-led formulations' and are sold through direct-to-consumer platforms, major e-commerce channels and offline retail partnerships.

Under the agreement, Innovist's founders will continue to lead the business and remain shareholders. L'Oreal said the company will become part of its Consumer Products Division portfolio.

Commenting on the acquisition, Nicolas Hieronimus, Chief Executive Officer of L'Oreal, said, 'Our investment in this innovative Indian start-up is a clear testament to our unwavering commitment to expanding L'Oreal's footprint in India.'

'By bringing together the very best of L'Oreal'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,' he added.

Jacques Lebel, Country Manager of L'Oreal India, said India is 'one of the most exciting and fast-evolving beauty markets in the world' and that the partnership places the company 'right at the heart of that momentum.'

The announcement comes a day after Union Commerce and Industry Minister Piyush Goyal met Hieronimus on the sidelines of Viva Technology 2026 in Paris. Sharing details of the meeting on social media, Goyal had said discussions focused on 'India's emergence as a preferred destination for innovation, manufacturing, and investment.'

The minister had also said both sides 'explored opportunities for collaboration in skill development and beauty-tech innovation under the Make in India initiative.'

Innovist co-founder and CEO Rohit Chawla said the partnership reflects confidence in Indian consumer brands and their global potential.

'We founded Innovist on the conviction that Indian consumers deserve beauty products built on real science with full transparency on formulation,' Chawla said. 'Together, we see a significant opportunity to build the next generation of beauty brands.' (ANI)