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French beauty giant L'Oréal is acquiring a majority stake in Innovist, the parent company behind popular personal care brands such as Bare Anatomy and Chemist at Play.
Founded in 2019, Innovist has built a portfolio of science-backed skincare and haircare brands designed specifically for Indian consumers.
The why: it provides L'Oréal the access to a fast-growing set of digital-first brands that have already built strong online communities and consumer trust.
Instead of spending years building new brands from scratch, global beauty companies are increasingly choosing to buy startups that have already cracked the code.
India's beauty industry is going through a major transformation.
Consumers are spending more on skincare, haircare and wellness products online. Quick-commerce platforms have made beauty products easier to access than ever, while demand for ingredient-led and science-backed products continues to rise.
As a result, startups like Innovist have become attractive acquisition targets for large multinational companies looking to strengthen their presence in India.
And it's not just L'Oréal. The deal is part of a broader wave sweeping through India's beauty and wellness sector.
Earlier this year, Hindustan Unilever acquired the remaining 49% stake in Oziva for ₹824 crore. USV bought a 79% stake in Wellbeing Nutrition, while Marico acquired a 60% stake in Cosmix at a ₹375 crore valuation.
Other notable deals include Marico's acquisition of 4700BC, ITC's acquisition of Yoga Bar and Honasa Consumer's acquisition of The Derma Co.
The numbers: according to Tracxn, the top 20 D2C beauty and personal care brands in India raised nearly ₹600 crore in the first nine months of FY26, up 7% from a year earlier.
