LOréal is looking to acquire Indian beauty brands and start-ups as the Indian business unit becomes one of its three fastest growing segments.
“India has become one of the most successful subsidiaries in L’Oréal in the last two years, growing in the mid-teens and we are confident we will achieve that number this year too,” Agon told ET Bureau. “In terms of contribution to growth of the company, it’s one of the top three countries.”
The beauty brands India subsidiary has become one of the French business’ fastest growing units, Chairman Jean Paul Agon told ET Bureau in an interview. Agon named India as one of L’Oréal’s top three or four strategic countries globally and opined that ease of doing business in the country was ample.
Looking to the future, the brand aims to pursue technological advances, including in India. The brand, which has two research and development facilities and two factories in India, also aims to continue to develop products in India for the Indian market.
“We are actively scouting for acquisitions in India in all types of beauty products,” said Agon. “In order to look at startups, we have invested in Fireside Ventures, an early-stage investment fund focused on Indian consumer brands. We are doing our best efforts to identify businesses that we can co-own and develop in beauty and beauty tech.”