French cosmetics giant L'Oréal has signed an agreement to acquire a majority stake in India's Innovist, the company announced on Thursday.
The brands of Innovist, a digital-first personal care company, will be part of L'Oréal's Consumer Products Division portfolio.
L'Oréal will start consolidating Innovist sales from the date of the closing of the transaction.
The Innovist founding team will remain in place as minority shareholders and will continue to operate in collaboration with L'Oréal India.
L'Oréal has secured rights to buy out the minority shareholders in full.
"For the consumer products division, this is a key milestone, one that reflects both our ambition and our commitment to this extraordinary market," said Fabrice Megarbane, president of the consumer products division at L'Oréal.
At last close, L'Oréal shares were trading at €382.15 ($439.85), down 1.04%.
