L'Oréal in Talks to Acquire Bare Anatomy Parent Innovist

French beauty major L’Oréal is in advanced discussions to acquire a majority stake in Innovist, the direct-to-consumer (D2C) personal care startup behind Bare Anatomy, Chemist at Play, Sunscoop, and Vinci Botanicals. The proposed deal values Innovist between $350 million and $450 million (approximately Rs 3,240–4,170 crore), according to a Moneycontrol report published on March 19, 2026.

If completed, the transaction would rank among the largest acquisitions in India’s consumer startup sector in recent years, surpassing Hindustan Unilever Limited’s earlier acquisition of skincare brand Minimalist, valued at roughly Rs 2,955 crore.

What Is Innovist — the Company Behind Bare Anatomy

Founded in 2018, Innovist is a science-led personal care company that operates four consumer brands: Bare Anatomy (personalised hair care), Chemist at Play (dermatology-inspired skincare), Sunscoop (sun care), and Vinci Botanicals (plant-based formulations).

The company’s founders currently hold a combined 49.7% stake. Investors include consumer-focused venture capital firm Sauce VC, Point72 Ventures, ICICI Ventures, and Patni Financial Advisors.

Innovist co-founder Rohit Chawla previously built men’s grooming brand The Man Company and sold it to Emami in 2024 in a deal reportedly valued at around Rs 400 crore.

L’Oréal’s Phased Acquisition Plan for Innovist

The deal is expected to be structured in phases. L’Oréal is likely to first acquire a controlling stake in Innovist, with a roadmap for gradually increasing its ownership to 100% over the following years.

“The plan is for the deal to be executed in a staggered or phased manner… a gradual roadmap for L’Oréal to eventually own 100 percent,” a person familiar with the matter told Moneycontrol.

L’Oréal–Innovist Deal Could Close by April-End

The deal could be finalised by the end of April 2026 if discussions continue at the current pace, according to a second source cited by Moneycontrol. However, the exact stake size for the first tranche and the identity of the participating sellers remain unclear. Terms are still under negotiation and could change.

L’Oréal’s India Strategy Behind the Innovist Acquisition Talks

The move comes as L’Oréal seeks to reverse its underperformance in the Indian market. During the company’s fourth-quarter 2024 earnings call, Global CEO Nicolas Hieronimus said: “As far as India is concerned, when I say that I’m not satisfied — we had high single-digit growth, we did not gain a lot of market share, if any.”

India currently contributes roughly 1% of L’Oréal’s global revenue — a figure the company views as a significant untapped opportunity. In recent years, L’Oréal has restructured its India operations, invested in domestic manufacturing, and announced a new technology centre in Hyderabad.

Acquiring Innovist would give L’Oréal immediate access to a portfolio of digitally native, science-driven brands with strong online consumer recall. For the latest coverage of major deals shaping India’s startup ecosystem, visit KnowStartup

Innovist’s Revenue and Profitability Ahead of the Deal

Innovist reported revenue of Rs 300 crore in FY2024–25, a threefold increase from roughly Rs 100 crore in FY2023–24, according to data cited by Tracxn. The company also turned profitable for the first time, posting a net profit of Rs 12 crore against a net loss of Rs 12.5 crore a year earlier.

Sources cited by Moneycontrol expect Innovist to cross Rs 750–770 crore in revenue in FY2025–26 while maintaining profitability. At the indicated valuation of $350–450 million, Innovist is being priced at approximately 4.3x to 5.4x revenue — in line with comparable consumer brand transactions in India.

D2C Beauty Acquisitions in India: Where the L’Oréal–Innovist Deal Fits

The proposed L’Oréal Innovist acquisition is part of a broader consolidation wave sweeping India’s D2C personal care and wellness segment. Large FMCG companies and global conglomerates are increasingly targeting digitally native brands to capture growing consumer demand.

Recent comparable transactions include HUL acquiring the remaining 49% stake in OZiva for Rs 824 crore, pharmaceutical major USV acquiring a 79% stake in Wellbeing Nutrition, and Marico acquiring a 60% stake in plant-based protein startup Cosmix at an equity valuation of Rs 375 crore. Earlier acquisitions in the category include Marico’s 4700BC, ITC’s Yoga Bar, and Honasa Consumer’s Reginald Men.

Globally, US cosmetics giant Estée Lauder also recently moved to acquire the remaining stake in Forest Essentials, reinforcing the trend of international beauty majors deepening their India exposure.

About the Author

Sachin

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages...