French beauty retailer L'Oréal has agreed to purchase a majority stake in Innovist, a digital-first personal care company, as part of its expansion plans in India.

Innovist was established in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola, and owns brands such as Bare Anatomy and Chemist at Play.

The financial details of the transaction have not been made public.

Chawla said: “This partnership with L'Oréal brings together a deep alignment in this vision and product philosophy, with the global scientific innovation resources to grow this ambition.

“Together, we see a significant opportunity to build the next generation of beauty brands.”

According to the press statement, its offerings are built on “clean formulations and transparent ingredients”, backed by its own research and development and manufacturing operations.

Innovist sells its skincare and hair care ranges through its direct-to-consumer channels, leading e-commerce and quick commerce platforms, as well as offline retail partnerships across the country.

Under the deal, Innovist's founders will hold on to a minority stake and continue running and growing the business alongside L'Oréal India.

The Innovist brands will be folded into L'Oréal's consumer products division.

The company will start consolidating Innovist's sales once the deal closes and has also obtained the right to acquire the remaining minority shareholding in full at a later stage.

The transaction is expected to close within the next few months, pending regulatory clearances and other customary conditions.

L'Oréal CEO Nicolas Hieronimus said: “By bringing together the very best of L'Oréal's global expertise with Innovist's high-performing, science-led products and deep-rooted understanding of the Indian consumer, I believe we are poised to shape the future of beauty in this dynamic market.”