French cosmetics giant L'Oréal has announced the acquisition of Mumbai based Cheryl's Cosmeceuticals, marking its first acquisition in India.
Cheryl's Cosmeceuticals is a provider of skin care products and treatments within the salon and spa market in India, and turned over nearly Rs 20 crore in 2012.
Jean-Christophe Letellier, L'Oréal India's Managing Director, said: “This is an attractive opportunity for L'Oréal in India as it broadens the product offering of our professional products division in this country to also include skin care products and services.” He added that the acquisition would help to further enhance the company's leadership position in the professional products market where L'Oréal is present with L'Oréal Professionnel, Matrix and Kerastase.
Cheryl's Cosmeceuticals was created in 1986 by Oscar and Cheryl Pereira. Oscar Pereira, Director of Cheryl's Cosmeceuticals, said: “It has been a great adventure to bring to market a truly unique brand that has captured the hearts and minds of many thousands of salons.”
Since 1994, L'Oréal India has been present in the country as a wholly-owned subsidiary of L'Oréal.