L‘Oréal Acquisition of Innovist to accelerate India

Research evidence excerpt

L‘Oréal Acquisition of Innovist to accelerate India

J P M O R G A N Europe Equity Research

18 June 2026

L'Oréal Neutral

OREP.PA, OR FP

Acquisition of Innovist to accelerate India Price (17 Jun 26):€382.15

Price Target (Dec-27):€365.00

L’Oreal is set to acquire a majority stake in Innovist, an Indian personal care European Food Producers,

company that will be part of L’Oreal’s Consumer Products division. Past news Household & Personal Care

articles have noted that the company had revenues of more than $30m in FY25. Products, Beverages & Tobacco

News articles (link) have also pointed to a potential valuation for the company at Celine Pannuti, CFA AC

$350-450m. Innovist has skin care and hair care brands across its own DTC (44-20) 7134-7123

platforms, e-commerce and quick commerce channels as well as offline retail celine.pannuti@jpmorgan.com

partnerships. The founding team will remain in place and as minority shareholders, Edward G Hockin

although L’Oréal has also secured rights to buy out the minority shareholders in (44-20) 7742-6937

edward.hockin@jpmorgan.com

full. The deal is expected to complete “in the next few months” after regulatory J.P. Morgan Securities plc

approvals. Net-net the deal is relatively small in terms of immediate revenue and

profit contribution, however it reinforces and accelerates L’Oreal’s strategy to Specialist Sales contact details:

scale India, which currently is c1% of revenues (and slowed to HSD in 2025, from Olivia Petronilho - Specialist Sales -

DD prior), and where the company noted in February it has been setting up a new European Consumer

team and organisation, and investing in capacity. (44-20) 3493-3709

olivia.b.petronilho@jpmorgan.com

• Innovist details: Innovist was founded in 2019 by co-founders Rohit Chawla, Style Exposure