French cosmetics giant L’Oréal announced on Monday, December 8, that it has acquired an additional 10% stake in the Swiss dermatology company Galderma — owner of brands such as Alastin, Cetaphil, and Differin — bringing its total ownership to 20%.
The amount of the acquisition, which was made from a consortium led by EQT comprising Sunshine SwissCo GmbH (SSCO), Abu Dhabi Investment Authority (ADIA), and Auba Investment Pte. Ltd, has not been disclosed.
L’Oréal “will continue to support the company’s strategy and independence under the leadership of Flemming Ørnskov, M.D., MPH, Chief Executive Officer of Galderma, and is not contemplating to increase its stake,” the statement said.
“Aesthetics is a key adjacency to our core beauty business that we are keen to continue to explore. Our initial strategic investment made in 2024 in Galderma has proven very successful and therefore we are eager to solidify and extend the partnership further,” said L’Oréal CEO Nicolas Hieronimus, quoted in the press release.
L’Oréal specifies that Galderma’s board of directors will “consider” the appointment of two directors representing it to replace those from EQT, “effective at the 2026 annual general meeting.”
The transaction is expected to close in the first quarter of 2026 and remains subject to customary regulatory approvals.
L’Oréal posted a 1.2% increase in sales to EUR 32.8 billion (about USD 38 billion) for the first nine months of 2025, including EUR 5.48 billion for its “dermatological beauty” division (+1.5%).
In October, the group announced the acquisition of Kering’s beauty division for EUR 4 billion, the largest acquisition in its history. It also said it was “ready to consider discussions with the Armani group as provided for in Mr. Armani’s will,” initially involving a 15% stake.
