L’Oréal in talks to acquire Bare Anatomy parent Innovist: Report
MUMBAI / PARIS – In a move to aggressively scale its presence in the Indian beauty market, French cosmetics powerhouse L’Oréal is in advanced talks to acquire a controlling stake in the Gurugram-based startup Innovist.
According to reports, the deal is expected to value Innovist between $350 million and $450 million (approx. ₹3,240 – ₹4,170 crore). This potential acquisition follows a period of rapid growth for Innovist, which recently crossed the ₹300 crore revenue milestone and achieved profitability in FY25.
Strategic Roadmap: From Majority Stake to Full Ownership
The deal is structured to occur in phases. L’Oréal is expected to initially pick up a controlling majority stake, with a clear roadmap to increase its ownership to 100% over the next few years.
This move comes shortly after L’Oréal’s global CEO, Nicolas Hieronimus, expressed that the company was "not satisfied" with its recent growth in India, noting that the brand had not gained significant market share despite high single-digit growth. Acquiring a "House of Brands" like Innovist allows L’Oréal to instantly tap into a younger, digitally-native consumer base that favors science-led, transparent personal care.
The Innovist Portfolio
Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist (formerly Onesto Labs) has built a reputation for its research-first approach. Its portfolio includes:
Bare Anatomy: A data-driven hair care brand.
Chemist at Play: India’s first ceramide-based skincare brand.
Sunscoop: A specialist sunscreen brand.
Vinci Botanicals: A botanical-focused personal care line.
Market Consolidation Continues
If finalized, the L’Oréal–Innovist deal will be one of the largest in India's D2C beauty space, potentially surpassing HUL’s acquisition of Minimalist last year. It joins a wave of recent consolidations, including Hindustan Unilever's final stake purchase in Oziva and Estée Lauder's move to take full control of Forest Essentials.
Current investors in Innovist—including ICICI Venture, Sauce VC, and Point72 Ventures—are expected to see significant exits through this transaction.