Seeking to revitalize its growth in the world’s most populous market, French beauty giant L’Oréal is in advanced discussions to acquire a controlling stake in Innovist, the Gurugram-based parent company of popular D2C brands Bare Anatomy, Chemist at Play, and Sunscoop. According to reports on March 19–20, 2026, the deal is expected to value Innovist between $350 million and $450 million (approx. ₹3,240–₹4,170 crore).
A Strategic Pivot to D2C
The move comes as L’Oréal’s global leadership expresses “dissatisfaction” with its recent performance in India. While the Indian beauty and personal care (BPC) market is booming, L’Oréal India’s sales growth reportedly slowed to 5% in FY25, down from 14% the previous year.
- The Target: Innovist, founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, has emerged as a leader in “science-backed” and personalized beauty.
- The Valuation Premium: The $450 million price tag reflects a significant premium, driven by Innovist’s explosive 182% revenue jump to ₹301 crore in FY25, during which it also turned profitable (₹12.5 crore profit).
- Phased Acquisition: L’Oréal is expected to initially acquire a majority (controlling) stake, with a roadmap to scale up to 100% ownership over the next few years.
The “Innovist” House of Brands
Innovist’s success lies in its “house-of-brands” model, which has captured the attention of Gen Z and millennial consumers through high-engagement digital channels and quick-commerce platforms.
| Brand | Specialization | Key Appeal |
| Bare Anatomy | Personalized Hair Care | Custom formulas based on hair profiles |
| Chemist at Play | Ingredient-led Skincare | First Indian brand to use ceramides in all products |
| Sunscoop | Specialized Sunscreen | Clean beauty focus for younger cohorts |
| Vinci Botanicals | Premium/Botanical | Upscale, nature-inspired personal care |
Why This Deal Matters
- Surpassing Minimalist: If finalized at $450 million, this would be one of the largest strategic buyouts in the Indian D2C space, surpassing Hindustan Unilever’s (HUL) acquisition of Minimalist (valued at ₹3,000 crore) in 2025.
- Battling Competition: L’Oréal is facing stiff competition from local giants like Nykaa, Sugar Cosmetics, and Mamaearth, as well as international rivals like Estée Lauder, which recently took full control of Forest Essentials.
- Gen Z Focus: By 2030, Gen Z is projected to command a $19 billion share of India’s BPC market. Innovist’s digital-native DNA is seen as the key to unlocking this demographic.
Current Shareholding & Deal Status
Negotiations have reportedly been ongoing for a year and have now entered the “final phase,” with a deal potentially being sealed by late April 2026.
- Founders: Currently hold a combined 49.7% stake.
- Investors: Existing shareholders include Sauce VC, Point72 Ventures, ICICI Venture, and Patni Financial Advisors. Notably, Accel exited the company during its Series B round in early 2025.
