L’Oréal SA announced on June 18 that it has signed a definitive agreement to acquire a majority stake in Innovist, a digital-first Indian personal care company that has rapidly become one of the subcontinent’s most disruptive beauty platforms. The deal, valued at an estimated $350 million to $400 million according to sources close to the transaction, deepens L’Oréal’s already considerable presence in India while giving the Paris-based conglomerate ownership of a portfolio of direct-to-consumer brands that have captured a generation of young Indian shoppers.
The acquisition is subject to regulatory approvals and is expected to close in the third quarter of 2026. For the Indian beauty industry, the deal represents the largest exit by a homegrown personal care startup and a validation of the thesis that digital-first brands can compete with — and be acquired by — the global conglomerates that have long dominated the sector.
The deal also signals L’Oréal’s willingness to acquire rather than build in the Indian market. The company’s existing portfolio includes mass-market brands like L’Oréal Paris and Garnier, as well as luxury labels Lancôme and Yves Saint Laurent Beauty, but Innovist fills a gap in the premium-mass and professional haircare segments where Indian consumers are increasingly spending. Innovist’s founding team will retain a minority stake and will continue to lead day-to-day operations, a structure designed to preserve the startup’s agility within L’Oréal’s broader ecosystem.
Innovist, founded in 2019 by Gaurav Garg and Sachin Garg, operates a house of brands strategy that includes chemistry-led skincare line The Derma Co., minimalist haircare brand Fix My Curls, and sustainable body-care label Greenberry. What sets Innovist apart in the crowded Indian beauty market is its data-driven product development pipeline: the company uses real-time consumer feedback and ingredient trend analysis to formulate and launch products in as little as 45 days, a speed that traditional beauty incumbents struggle to match. The startup reported revenues of roughly $120 million in the last fiscal year, with year-over-year growth exceeding 60 percent.
For L’Oréal, the acquisition serves multiple strategic objectives. India’s beauty and personal care market is projected to grow to $30 billion by 2030, driven by rising disposable incomes, increasing digital penetration, and a young demographic that is more experimental with skincare and grooming than previous generations. Innovist’s digital-native distribution — the company generates more than 80 percent of its revenue online — gives L’Oréal a ready-made e-commerce infrastructure in a country where retail fragmentation makes physical expansion complex.
