French cosmetics giant LOréal has announced the acquisition of Mumbai based Cheryls Cosmeceuticals, marking its first acquisition in India.
Cheryls 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, LOréal Indias Managing Director, said: “This is an attractive opportunity for LOréal 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 companys leadership position in the professional products market where LOréal is present with LOréal Professionnel, Matrix and Kerastase.
Cheryls Cosmeceuticals was created in 1986 by Oscar and Cheryl Pereira. Oscar Pereira, Director of Cheryls 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, LOréal India has been present in the country as a wholly-owned subsidiary of LOréal.