The French beauty multinational L'Oréal now owns 20% of the Swiss pure-play skincare business Galderma.
L'Oréal said its increased strategic investment in Galderma "confirms the solid growth journey that the company has embarked on" and "reaffirms its ambitions to participate in the aesthetics market."
"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.
Galderma will remain independent under the leadership of CEO Flemming Ørnskov, M.D., MPH, and the Board of Directors of Galderma are considering nominating two non-independent board candidates from L'Oréal.
Galderma said it is supportive of the transaction and recognises L'Oréal as a strong long-term partner.
The deal is expected to close by the end of Q1 2026 and remains subject to customary regulatory approvals. Following completion, L'Oréal will consolidate its stake in Galderma under the equity method.