L'Oréal takes majority stake in Innovist, escalating MNC race for India's D2C beauty brands
L'Oréal will acquire a controlling stake in Innovist, owner of Bare Anatomy and Chemist at Play, with founders retaining minority and operating roles. The deal—size undisclosed, pending regulatory clearance—follows HUL-Minimalist (₹2,700 cr), Marico-Plix (₹380 cr) and ITC-Yoga Bar (₹225 cr), confirming global giants are buying into India's digital-first beauty stack.
What happened
L'Oréal will acquire a majority stake in Indian D2C personal care firm Innovist (Bare Anatomy, Chemist at Play), with founders retaining minority and
Key facts
- ₹2,700 crore (HUL-Minimalist)
- ₹600 crore D2C raise 9MFY26
- 66% tier II/III D2C orders
- 32-33% YoY D2C GMV growth
- ₹380 crore Marico-Plix
- ₹272 crore Emami-Man Company
- ₹225 crore ITC-Yoga Bar
Why this matters
L'Oréal's Innovist move signals the strategic window is closing fast—remaining quality D2C beauty assets in India will see bidding tension, so accelerate target mapping on Tier-2 brands before valuations reset upward.
Also reported by
- Mint — Same time