L'Oréal Buys a Majority Stake in India's Innovist — Its First India Deal in 13 Years
L'Oréal is acquiring a majority stake in Innovist, the Bengaluru digital-first house behind Bare Anatomy and Chemist at Play — its first Indian acquisition since 2013, reportedly valuing the firm at around $350–450 million.
TL;DR — On June 18, 2026, L'Oréal announced it's acquiring a majority stake in Innovist, the Bengaluru-based digital-first beauty house behind Bare Anatomy and Chemist at Play — its first Indian acquisition in nearly 13 years, in a bet on the world's fastest-growing major beauty market.
L'Oréal has watched India's beauty boom from the sidelines of dealmaking for over a decade. On June 18, 2026, it bought in.
What was announced
Per L'Oréal's official release, the company will take a majority stake in Innovist; the founders stay on as minority shareholders running the business, with L'Oréal holding rights to buy them out fully later. Innovist's brands join L'Oréal's Consumer Products Division. It's L'Oréal's first Indian acquisition since Cheryl's Cosmeceuticals in September 2013.
The deal at a glance
| Deal fact | Detail |
|---|---|
| Target | Innovist (Bengaluru, founded 2019) |
| Brands | Bare Anatomy, Chemist at Play |
| Stake | Majority (founders stay as minority shareholders) |
| Reported value* | ~$350–450M / ₹4,000 crore |
| Innovist FY25 revenue | ₹299 crore (≈2.8× FY24) |
Not disclosed by L'Oréal; figure is media-reported.
Founded in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist is a "science-led, digital-first" house selling across D2C, e-commerce, quick-commerce and offline retail. Its FY25 revenue hit ₹299 crore — about 2.8× the prior year — swinging to a ₹12 crore profit, per Entrackr. L'Oréal's official release doesn't disclose terms; Indian media peg the deal around $350–450 million.
Why India, why now
The prize is scale in a young, digital, fast-growing market. India's beauty and personal-care market is estimated at about $32.77 billion in 2026, heading toward $48.7 billion by 2034. "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," said L'Oréal CEO Nicolas Hieronimus, "I believe we are poised to shape the future of beauty in this dynamic market." The deal is expected to close in the coming months, pending approvals.
FAQ
What did L'Oréal acquire?
A majority stake in Innovist, a Bengaluru-based digital-first beauty company whose brands include Bare Anatomy and Chemist at Play. Announced June 18, 2026.
How much did it pay?
L'Oréal didn't disclose terms. Indian media report an estimated value of roughly $350–450 million (₹4,000 crore) — treat that as unofficial.
Why is this notable?
It's L'Oréal's first acquisition of an Indian company since 2013, and a bet on India's fast-growing beauty market (~$32.77 billion in 2026).
What happens to Innovist's founders?
They remain as minority shareholders and continue running the business; L'Oréal has the right to buy them out fully later.
Sources: L'Oréal Finance (press release), Reuters, Entrackr.
Image: ArionStar, CC0 (public domain), via Wikimedia Commons.
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