The company did not disclose the financial details of the deal
L'Oreal will help it expand into India’s fast growing BPC market and build a portfolio with local brands catering to the Indian audience
As a part of this agreement, the Innovist founding team will continue to operate and scale the business in collaboration with L’Oreal India as minor stakeholders
Global cosmetics giant L’Oreal has signed an agreement to acquire a majority stake in beauty and personal care startup Innovist. However, the company did not disclose the financial details of the deal.
This acquisition, L’Oreal said in a statement, will help it expand into India’s fast growing BPC market and build a portfolio with local brands catering to the Indian audience.
As part of the agreement, the Innovist founding team will continue to operate and scale the business in collaboration with L’Oreal India as minor stakeholders.
“L’Oreal will start consolidating Innovist sales from the date of the closing of the transaction. As part of the agreement, L’Oreal has also secured rights to buy out the minority shareholders in full,” the statement added.
Founded in 2018 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist is a roll up BPC startup operating brands like Bare Anatomy, Chemist at Play, SunScoop and Vinci Botanicals. It competes with the likes of Mamaearth, Plum, Minimalist, among others, in the beauty and personal care space.
(The story will be updated soon)
Source: Inc42 - Startups
