Paris, France-based cosmetics and beauty products maker L'Oreal has acquired Mumbai-based Cheryl's Cosmeceuticals, marking L’Oreal’s first acquisition in the Indian market. Cheryl's Cosmeceuticals, founded in 1986 by Oscar and Cheryl Pereira, has a distribution network spanning over 10,000 salons in India and a turnover of approximately Rs 20 crore.
The acquisition will broaden L'Oreal’s product offering in the Professional Products Division segment but also strengthen its skincare products and services portfolio. The French major has a presence in about 40,000 salons in the country. The Indian salon market, pegged at Rs 12,000 crore, is expected to grow at 30% annually for the next three years
Source: Business Line
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