L'Oréal agreed on 18 June 2026 to buy a majority stake in Innovist, an Indian personal care company that sells skincare and haircare mainly online under brands including Bare Anatomy and Chemist at Play. The French beauty group did not say what share of the company it is buying or what it is paying.
The agreement gives L'Oréal rights to buy out the remaining minority shareholders in full at a later stage. Until then, Innovist's founding team stays on as minority shareholders and keeps running the business together with L'Oréal India. The Innovist portfolio will sit inside L'Oréal's Consumer Products Division, and L'Oréal said it would consolidate Innovist's sales from the date the deal closes.
Completion was expected in the following months, subject to regulatory approvals and customary conditions. Financial terms were not disclosed.
What Innovist built
Innovist was co-founded by Rohit Chawla, who is chief executive, together with Sifat Khurana and Vimal Bhola. Outlook Business gives 2019 as the founding year, while Inc42 dates the company to 2018. L'Oréal described it as one of the fastest-growing "science-led and digital-first" personal care companies in India.
The company develops its products with in-house research and manufacturing. Bare Anatomy covers haircare and Chemist at Play covers skincare. Inc42 also lists SunScoop and Vinci Botanicals in the portfolio, which together span hair care, skin care and sun care. In the Indian market the brands compete with direct-to-consumer labels such as Mamaearth, Plum and Minimalist.
“Together, we see a significant opportunity to build the next generation of beauty brands.”
Why L'Oréal is buying
India is a small market for L'Oréal. The group makes about 1% of its turnover there, according to Reuters reporting carried by BusinessDay. Chief executive Nicolas Hieronimus had said earlier in the year that the business in India was "not meeting expectations". L'Oréal grew at a high single-digit rate in the country the previous year but, in Hieronimus's words, "did not gain a lot of market share, if any."
The Innovist deal is L'Oréal's first purchase of an Indian company since September 2013, when it bought Mumbai-based Cheryl's Cosmeceuticals. L'Oréal said the investment would help it expand in India's fast-growing beauty and personal care market and build a set of local brands made for Indian consumers. Hieronimus called it "a clear testament to our unwavering commitment to expanding L'Oréal's footprint in India."
Innovist's founders presented the deal as a next stage for the company. Khurana said it marked "the beginning of a much larger chapter for Indian beauty", and Bhola pointed to a shared view of beauty products built on science.
The founders and the funding
Innovist has raised about $29.3 million in total, according to Inc42. Its most recent round was a Series B of ₹136 crore (about $16 million) in 2025, a mix of new money and shares sold by earlier holders. ICICI Venture led that round through its IVen Amplifi early growth fund.
Earlier in 2026, press reports said L'Oréal was in talks to buy a majority of Innovist at a valuation of $350 million to $450 million (₹3,264 crore to ₹4,196 crore). Neither company confirmed those figures, and the final price was not made public.
A busy market for Indian beauty brands
Large consumer goods groups have been buying Indian direct-to-consumer brands. Inc42 noted that Hindustan Unilever acquired skincare brand Minimalist at a ₹2,955 crore (about $350 million) valuation in 2025 and bought the remaining 49% of OZiva's parent for ₹824 crore (about $97 million) in February 2026. Marico recently took its holding in True Elements' parent company to 100% by buying another 46.02%.
For L'Oréal, the structure of the Innovist deal means the founders keep a stake and day-to-day control for now, while the French group gains a route to full ownership later through its buyout rights. Neither company disclosed Innovist's revenue or headcount, the size of the stake changing hands, or when L'Oréal might use its option on the remaining shares.
