The national market of the worlds largest cosmetic brand L’oreal is scouting for acquisitions in the skin and make-up market in India, adding that it seeks to capitalize on the country’s rising demand for beauty products. L’Oréal is eyeing companies with a range of make-up and skin care products to fill gaps in its existing portfolio, which comprises Garnier, Maybelline, NYX, and L’Oréal Professional.
While L’Oréal has a large portfolio of global brands, it is looking for brands that meet the specific needs of Indian consumers. The company is looking for good strong formulations for Indian consumers and high-quality manufacturing. L’Oréal’s interest in Indian companies comes as the market for beauty products in India is growing. India’s growing youth population is contributing to the exponential sales growth of grooming products, more so as the smartphone-wielding millennials are in the know of the latest beauty and fashion trends the world over and are seeking more variety at lower price points.
The popularity of e-commerce companies, such as Nykaa and Amazon, has also helped the youth get access to the latest products. This has prompted major brands, including Hindustan Unilever-owned Lakme and L’Oréal’s Maybelline to spruce up new product launches. L’Oréal started a business in India in 1994. It sells a range of products including mass-market brands L’Oréal Paris, Garnier, Maybelline New-York, professional hair products under the Matrix, Kérastase brands, and premium beauty products under Lancôme, Kiehl’s, Vichy and La Roche-Posay.