L’Oréal acquires majority stake in Innovist as global giants double down on India
French beauty giant L’Oréal has agreed to acquire a majority stake in Indian personal care company Innovist, in a deal that highlights increasing competition for fast-growing, digital-first beauty brands in the country. The size of the deal was not disclosed.
The French company said Innovist will become part of its Consumer Products Division portfolio. In the statement made on Thursday, it was stated that according to the agreement, Innovist’s founders Rohit Chawla, Sifat Khurana and Vimal Bhola will retain minority shares and continue to run the business together with L’Oréal India.
The deal also gives L’Oréal the right to purchase remaining minority shares in the future.
The transaction is expected to be completed in the coming months, subject to regulatory approvals and customary conditions. L’Oréal said it would begin consolidating sales of Innovist once the deal closes.
The transaction ranks among India’s most significant acquisitions The beauty and personal care industry has been on a roll since Hindustan Unilever Ltd acquired a majority stake in skin care brand Minimalist. ₹2,700 crore in April last year.
Mint reported last year It was stated that Innovist aims to raise capital from new and existing investors largely in the pre-selection round.
Founded in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist was founded with the aim of formulating scientific and data-based personal care products. Three years later it was rebranded as Onesto Labs.
India focus
For L’Oréal, the deal is a targeted bet on India’s rapidly expanding beauty market and the growing influence of digitally native brands that have built strong consumer followings online before moving into offline retail. Innovist’s portfolio includes brands such as Bare Anatomy and Chemist at Play, which operate in the hair care and skin care segments.
L’Oréal’s India portfolio includes Maybelline India, Kerastase, Redken and Cerave.
This acquisition reflects a broader shift in India’s beauty industry; multinationals are increasingly acquiring digital-first brands rather than building them. Increasing online beauty spending, rapid business growth and demand for ingredient-focused products have made such startups attractive acquisition targets.
D2C brands continue to attract private investments in India despite the rise of global beauty brands. India’s top 20 brands raised this much money ₹600 crore in the first nine months of FY26, up 7% over the same period last year, according to market intelligence firm Tracxn’s estimates.
According to Unicommerce, World War II accounted for 66% of all D2C new orders in FY26. and III. Tier cities provided. Overall, the D2C segment continued to grow, with order volumes and gross merchandise value (GMV) increasing 32-33% year-on-year over the same period.
According to Crisil’s September 2025 report, nearly two-thirds of purchases by FMCG players in the last five years have been in the D2C space. Notable deals include HUL’s acquisition of Minimalist last year, Marico’s acquisition of Plix. ₹380 crore in 2023, Emami’s ₹272 crore takeover of The Man Company and ITC Ltd’s acquisition of Yoga Bar in 2024 ₹225 crore in 2023.
