L'Oréal buys majority stake in Innovist to defend India turf
L'Oréal India is acquiring control of D2C beauty house Innovist (Bare Anatomy, Chemist at Play, Sunscoop) to reignite growth after sales expansion slipped to 5% in FY25 from 14%. The deal echoes HUL-Minimalist and Estée Lauder-Forest Essentials, as global majors race for India's $20bn BPC market projected to hit $34bn by 2028.
What happened
L'Oréal India · L'Oréal is acquiring a majority stake in Indian D2C beauty startup Innovist (Bare Anatomy, Chemist at Play, Sunscoop) to revive slowing India
Key facts
- Innovist FY25 revenue Rs 301 cr (+182%)
- FY25 net profit Rs 12.5 cr
- FY24 revenue Rs 106 cr
- L'Oréal India sales growth 5% FY25 vs 14% FY24
- L'Oréal India revenue <Rs 6,000 cr
- India = 1% of global sales
- India BPC market $20bn to $34bn by 2028
Why this matters
Following HUL-Minimalist and EL-Forest Essentials, the L'Oréal-Innovist template confirms majority-stake roll-ups of profitable D2C beauty platforms are the default India playbook—remaining independents should expect inbound within 12-18 months.