L'Oréal SA: The Indian beauty battle is heating up

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L'Oréal SA: The Indian beauty battle is heating up

Barclays | L'Oréal SA

global portfolio. Innovist, with revenues of c. $36m, operates across haircare, skincare and sun

care, and distributes its products through D2C platforms, online marketplaces, quick commerce

and offline retail. It is a hefty multiple paid and whilst revenues are small, Innovist trebled

revenues between 2024 and 2025, L'Oreal obviously believes it can scale the business quickly

and use it as a springboard to accelerate its interest in the fast growing Indian beauty tech

space.

For L’Oréal, the deal serves multiple strategic objectives: enhancing exposure to fast-

growing local brands, strengthening its relevance in the clean/science segment, and

enhancing its ability to connect with India’s digitally engaged consumer base. This deal

reflects L’Oréal's broader focus on India, which we think can evolve but it will take time

given its small starting point. For context, Unilever is still multiples bigger than L'Oreal in

India and one year of decent organic growth in India for HUL would be bigger than

L'Oreal's entire Indian revenues. That said, Unilever needs to be very proactive and it is

therefore reassuring to hear that it is a top priority for Unilever's management team.

“Our investment in this innovative Indian startup

(Innovist) is a clear testament to our unwavering

commitment to expanding L’Oréal’s footprint in

India.”

— Nicolas Hieronimus, CEO L’Oréal

FIGURE 1. Recent transactions in India beauty market

Acquirer Target

Unilever Minimalist, Oziva

Marico Cosmix, Plix, Just Herbs

L'Oréal Innovist

Estée Lauder Forest Essentials

Reliance Group Anamoly

Dabur Sesa Care

Source: Barclays Research, Company Reports

The Indian beauty market is moving through a clear structural inflection towards a more