L'Oréal prioritizes the Indian beauty market. The French beauty giant has marked the rise of beauty consumption in India on its agenda and is looking for emerging beauty brands in the country. And it does so hand in hand with Nykaa, the most important retailer in the country. Together with BOLD (Business Opportunities for L'Oréal Development), it has presented this collaboration that will seek to find emerging beauty and personal care brands in the Indian market and acquire minority stakes. This alliance will only be financial, and the founders of the brands will continue to have control over them and will be able to continue with their
In addition, the French group recently announced that the acquisition of Onesto Labs, which is part of the Innovist beauty group, has been approved by the Indian authorities, an operation that was announced last June.
The CEO of the L'Oréal group, Nicolas Hieronimus, has repeatedly explained that the Indian market is a very interesting opportunity for European cosmetics and has become a strategic market for L'Oréal. The truth is that the Indian market continues to grow and is expected to continue to do so, as it is expected to reach 34 billion dollars by 2028 at a time when the use of e-commerce is skyrocketing.
For his part, Jacques Lebel, Managing Director of L'Oréal India, explained that: "India is one of the most important markets in the world and its energy comes from its expansion and from consumers who are rapidly expressing new needs and from an ecosystem full of high-quality entrepreneurs. Through BOLD and its sponsorship with Nykaa, we want to highlight the talent of this market while helping them and giving total freedom to brands to build themselves. Our commitment to India is stronger than ever, and this is our biggest challenge on this journey in this new collaboration after more than three decades".
Anchit Nayar, Executive Director and CEO of Nykaa Beauty, explained that: "Nykaa and L'Oréal have been collaborating with India for more than a decade to bring Nykaa's vision to one of the most important markets in the world."
L'Oréal has been operating in India since 1994 and currently does so with 26 brands, has two production centers and two research centers. Now, it has acquired the company that is part of Innovist, which sells skincare and hair products through websites and e-commerce and 'quick commerce' apps.
Innovist opens this stage for L'Oréal
Innovist is capable of connecting India's young generations with digital native consumers who have increased awareness of the products they incorporate.
With this incorporation and given the green light from the Indian market's regulatory authorities, the company expects to gain local trust with a name within the cosmetic market that is already part of the Indian community. The move comes at a key moment for the country, as it is also opening up to the digital space and globalization.
The cosmetics market in India
According to ICEX data, the turnover of the Indian personal care cosmetic products industry amounted to 18.16 billion US dollars in 2024, a growth of 9.3% compared to the previous year. Consumers are looking for what is related to Artificial Intelligence and Augmented Reality, combined with experience with personalized retail sales experiences play a key role in the marketing of the skincare category. The Indian consumer is currently very interested in sun protection, and as we have seen previously, e-commerce and omnichannel, with Nykaa and Amazon, Flipkart and Myntraa, or also, specialized retailers such as Nykaa Luxe, Health & Glow or Shoppers Stop Beauty.
The boom in beauty product consumption in India is no secret; by 2029, ICEX predicts that the Indian market will generate revenues of almost 27 billion dollars, and the rise of wellness-oriented tourist destinations in India contributes to the beauty and wellness landscape experiencing an unprecedented moment. ICEX points out that generation alpha, that is, those born between 2010 and 2024, are the main protagonists of beauty consumption, who are already starting, and that brands are beginning to address their needs and increasingly invest in premium products.