French cosmetics giant L’Oreal has made its first acquisition in India. The group’s choice went for salon brand Cheryl’s Cosmeceuticals, a pioneer in professional skin care products and treatments in beauty salons which was founded in 1986 and has a distribution network spanning over 10,000 salons in India.
" This is an attractive opportunity for L’Oreal in India as it broadens the product offering of our professional products division in this country to also include skincare products and services, " L’Oreal India Managing Director Jean-Christophe Letellier said.
Letellier added this acquisition will further enhance L’Oréal’s leadership position in the professional products Indian market where the group is already present - with L’Oréal Professionnel, Matrix, and Kerastase - in about 40,000 salons.
The amount of the transaction was not disclosed.