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L'Oréal SA

Beauty & Personal CareFounded 1909
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

L'Oreal Acquisitions

6

Major Deals Covered

$9.8B

Disclosed Deal Value

What are L'Oreal's biggest acquisitions?

L'Oreal's largest disclosed acquisition here is Kering Beauté (including Creed) for $4B in 2026. This page covers 6 major deals from 1996 to 2026, each with its price where disclosed and the reason behind it.

Major deals covered
6
Largest deal
Kering Beauté (including Creed) ($4B)
First deal
1996
Most recent
2026
CompanyYearPricePurpose
Maybelline New York1996$758.0ML'Oréal acquired Maybelline from Wasserstein Perella & Co. To immediately establish leadership in the global mass-market color cosmetics category, a segment where L'Oréal lacked a dominant consumer brand. Maybelline's New York positioning, mascaras, and foundation franchise gave L'Oréal instant scale in the U.S. Drugstore beauty channel and a platform for international expansion. The acquisition also provided entry into the American consumer market at a scale that organic brand building could not have achieved within a competitive timeframe.
CeraVe, AcneFree, and Ambi (from Valeant Pharmaceuticals)2017$1.3BL'Oréal acquired the CeraVe, AcneFree, and Ambi brands from Valeant Pharmaceuticals in January 2017 to establish a dominant position in the rapidly growing dermo-cosmetic skincare segment, particularly in U.S. Drugstore and pharmacy channels where L'Oréal lacked a clinically positioned brand. CeraVe's proprietary MultiVesicular Emulsion technology and ceramide delivery system represented genuine scientific innovation, and its strong foundation of dermatologist recommendations provided a credibility base that could not be manufactured through advertising alone.
IT Cosmetics2016$1.2BL'Oréal acquired IT Cosmetics an U.S. Direct-to-consumer beauty brand founded in 2008 by Jamie Kern Lima, which had built a $182 million revenue business primarily through QVC television shopping and DTC digital channels to gain expertise in founder-led, authentic brand building and to extend the Luxe division's reach into the American prestige mass-market consumer who shops at Ulta Beauty rather than department stores. IT Cosmetics was the largest brand acquisition L'Oréal had completed in years and validated the premium multiple that founder-led DTC beauty brands could command.
Aesop2023$2.5BL'Oréal acquired Aesop from Brazilian beauty group Natura &Co in August 2023 for $2.525 billion to establish a credible position in the premium natural and wellness beauty segment a fast-growing category where L'Oréal's existing portfolio lacked a brand with Aesop's specific combination of minimalist aesthetics, sustainability credentials, anti-commercial brand values, and intensely loyal cult consumer following. Aesop's boutique retail presence in premium urban locations worldwide and its intellectual brand identity represented a consumer relationship L'Oréal could not create organically.
Kering Beauté (including Creed)2026$4.0BAnnounced 19 October 2025 and closed 31 March 2026 for ~$4.52 billion (€4 billion) in cash. L'Oréal gained the Creed fragrance house and 50-year exclusive beauty and fragrance licences for Bottega Veneta and Balenciaga, plus a 50-year Gucci beauty licence effective 1 July 2027.
The Body Shop2006UndisclosedL'Oréal SA acquired The Body Shop in 2006.
What companies has L'Oreal bought?
Major acquisitions by L'Oreal documented here include Kering Beauté (including Creed) (2026), Aesop (2023), CeraVe, AcneFree, and Ambi (from Valeant Pharmaceuticals) (2017), IT Cosmetics (2016) and Maybelline New York (1996).
What is L'Oreal's most recent acquisition?
The most recent L'Oreal acquisition documented here is Kering Beauté (including Creed), in 2026, for $4B.

Kering Beauté (including Creed)

2026

$4.0B

Why

Announced 19 October 2025 and closed 31 March 2026 for ~$4.52 billion (€4 billion) in cash. L'Oréal gained the Creed fragrance house and 50-year exclusive beauty and fragrance licences for Bottega Veneta and Balenciaga, plus a 50-year Gucci beauty licence effective 1 July 2027.

Impact

Strengthens L'Oréal Luxe in high-end fragrance, the fastest-growing luxury beauty category, and adds Gucci, which L'Oréal expects to become a major luxury beauty brand.

Outcome

Integration under way in 2026; Creed is consolidated from April 2026.

Source →

Aesop

2023

$2.5B

Why

L'Oréal acquired Aesop from Brazilian beauty group Natura &Co in August 2023 for $2.525 billion to establish a credible position in the premium natural and wellness beauty segment a fast-growing category where L'Oréal's existing portfolio lacked a brand with Aesop's specific combination of minimalist aesthetics, sustainability credentials, anti-commercial brand values, and intensely loyal cult consumer following. Aesop's boutique retail presence in premium urban locations worldwide and its intellectual brand identity represented a consumer relationship L'Oréal could not create organically.

Impact

The Aesop acquisition was L'Oréal's largest single acquisition in over a decade and was closely watched as a test of whether a major beauty conglomerate could maintain the cultural authenticity of a brand explicitly built on anti-commercial principles. L'Oréal committed publicly to maintaining Aesop's operating independence, preserving its store experience, and investing in the brand's sustainability and product development programs without imposing the standardization typical of conglomerate brand management.

Outcome

In its first full year under L'Oréal ownership, Aesop reported strong performance with comparable sales growth driven by continued boutique expansion and e-commerce investment. The brand's integration into L'Oréal Luxe has been managed with unusual operational independence, suggesting that L'Oréal has internalized lessons from previous acquisitions about the need to protect brand DNA during ownership transitions. Aesop represented L'Oréal's clearest strategic signal that it intends to compete for wellness-oriented premium consumers who are actively skeptical of mainstream beauty marketing.

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CeraVe, AcneFree, and Ambi (from Valeant Pharmaceuticals)

2017

$1.3B

Why

L'Oréal acquired the CeraVe, AcneFree, and Ambi brands from Valeant Pharmaceuticals in January 2017 to establish a dominant position in the rapidly growing dermo-cosmetic skincare segment, particularly in U.S. Drugstore and pharmacy channels where L'Oréal lacked a clinically positioned brand. CeraVe's proprietary MultiVesicular Emulsion technology and ceramide delivery system represented genuine scientific innovation, and its strong foundation of dermatologist recommendations provided a credibility base that could not be manufactured through advertising alone.

Impact

The acquisition proved transformational for L'Oréal's Dermatological Beauty division and arguably for the entire U.S. Skincare market. L'Oréal deployed its distribution network and retail relationships to rapidly expand CeraVe's presence from specialty pharmacy to mass retail, while deliberately preserving the brand's clinical positioning and dermatologist recommendation network. The combination of amplified distribution and authentic clinical credibility produced notable organic growth rates exceeding 30 percent in multiple consecutive years.

Outcome

CeraVe has grown from approximately $170 million in annual sales at acquisition to an estimated $3 billion in annual retail sales by 2024 a greater than 17-fold increase in seven years. The brand has become the most recommended skincare brand by American dermatologists and one of the most discussed beauty brands on TikTok, generating billions of views without paid promotion. The CeraVe acquisition is widely considered the most successful beauty acquisition of the 2010s decade and set a strategic template that L'Oréal has been attempting to replicate with other Dermatological Beauty portfolio brands.

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IT Cosmetics

2016

$1.2B

Why

L'Oréal acquired IT Cosmetics an U.S. Direct-to-consumer beauty brand founded in 2008 by Jamie Kern Lima, which had built a $182 million revenue business primarily through QVC television shopping and DTC digital channels to gain expertise in founder-led, authentic brand building and to extend the Luxe division's reach into the American prestige mass-market consumer who shops at Ulta Beauty rather than department stores. IT Cosmetics was the largest brand acquisition L'Oréal had completed in years and validated the premium multiple that founder-led DTC beauty brands could command.

Impact

IT Cosmetics was integrated into the L'Oréal Luxe division and expanded into Ulta Beauty stores, Sephora, and international markets through L'Oréal's distribution infrastructure. L'Oréal also kept Jamie Kern Lima in a consultative role to preserve brand authenticity during the transition. The brand's CC+ Cream became one of the best-selling foundation products in the Ulta Beauty assortment, validating L'Oréal's thesis that clinical credibility and founder authenticity translated into mass specialty retail success.

Outcome

IT Cosmetics has grown to become a significant contributor to L'Oréal Luxe's North American revenues, with an estimated $400 to $500 million in annual retail sales by 2024. More importantly, the acquisition transferred organizational knowledge about DTC brand building, QVC commerce, and founder-brand storytelling that L'Oréal has applied to other brand investments. The acquisition price of $1.2 billion represented approximately 6.6 times IT Cosmetics' revenue at acquisition a multiple that signaled L'Oréal's early recognition that brand authenticity commanded a premium in the digital beauty era.

Source →

The Body Shop

2006

Why

L'Oréal SA acquired The Body Shop in 2006.

Source →

Maybelline New York

1996

$758M

Why

L'Oréal acquired Maybelline from Wasserstein Perella & Co. To immediately establish leadership in the global mass-market color cosmetics category, a segment where L'Oréal lacked a dominant consumer brand. Maybelline's New York positioning, mascaras, and foundation franchise gave L'Oréal instant scale in the U.S. Drugstore beauty channel and a platform for international expansion. The acquisition also provided entry into the American consumer market at a scale that organic brand building could not have achieved within a competitive timeframe.

Impact

The Maybelline acquisition transformed L'Oréal from a French beauty company with limited U.S. Mass-market presence into the global leader in drugstore color cosmetics within five years of closing. L'Oréal relocated Maybelline's marketing and product development headquarters to New York City, invested in brand modernization, and expanded international distribution, growing the brand's sales from approximately $300 million at acquisition to over $2 billion by the mid-2000s. The acquisition established the financial and operational template for L'Oréal's subsequent major acquisitions.

Outcome

Maybelline New York remains one of L'Oréal's largest revenue-generating brands 28 years after acquisition, maintaining its position as the world's number-one color cosmetics brand in mass retail channels globally. The brand has navigated the social media transition, building a significant presence on TikTok and Instagram that sustains relevance with younger consumers. The Maybelline acquisition generated returns on investment that rank among the best in consumer goods M&A history.

Source →

L'Oréal SA's Growth & Acquisition Strategy

L'Oréal grows through innovation, acquisitions, licences and new markets. Recent deals include Aesop (2023, about $2.5 billion), a roughly 20% stake in Galderma, and Kering Beauté (2026, ~$4.52 billion (€4 billion)), which brought Creed plus 50-year licences for Bottega Veneta, Balenciaga and Gucci. In India it agreed in 2026 to buy Onesto Labs, owner of the Innovist brands including Bare Anatomy, cleared by the Competition Commission of India in September 2026, and its BOLD venture fund teamed up with Nykaa to take minority stakes in Indian beauty start-ups. Digitally, it uses AI in product development and marketing, and e-commerce is above 30% of sales.

How L'Oréal SA Makes Money

L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online. Its four divisions had these 2025 sales: Consumer Products ~$18.2 billion (€16.09 billion) (L'Oréal Paris, Maybelline New York, Garnier, NYX), L'Oréal Luxe ~$17.6 billion (€15.60 billion) (Lancôme, YSL Beauty, Armani, Kiehl's, Aesop, Prada, Valentino), Dermatological Beauty ~$8.14 billion (€7.20 billion) (CeraVe, La Roche-Posay, Vichy, SkinCeuticals) and Professional Products ~$5.83 billion (€5.16 billion) (Kérastase, L'Oréal Professionnel, Redken, Matrix). Gross margin is about 74%, which funds heavy spending on advertising and promotion and on research. E-commerce passed 30% of sales in 2025.

L'Oreal Acquisitions FAQ

What was L'Oréal's landmark $2.5 billion acquisition of Aesop in 2023?

In August 2023, L'Oréal acquired Australian luxury clean-beauty and skincare house Aesop from Natura &Co for $2.525 billion in cash, marking L'Oréal's largest brand acquisition in history and expanding its luxury boutique retail footprint.

What was the transformational acquisition of CeraVe in 2017?

In 2017, L'Oréal acquired CeraVe, AcneFree, and Ambi from Valeant Pharmaceuticals for $1.3 billion in cash, integrating CeraVe into its Dermatological Beauty division and scaling it into a global multi-billion-dollar skincare giant.

What was L'Oréal's $758 million acquisition of Maybelline New York in 1996?

In 1996, under CEO Lindsay Owen-Jones, L'Oréal acquired well-known American cosmetics brand Maybelline for $758 million, combining Maybelline with L'Oréal Paris to dominate the global mass-market color cosmetics industry.

What was the acquisition of luxury skincare brand Kiehl's in 2000?

In 2000, L'Oréal acquired historic 1851 East Village apothecary Kiehl's Since 1851, preserving its distinct boutique service culture while expanding it into a multi-billion-dollar global luxury skincare brand across 60+ countries.

What was the acquisition of Yves Saint Laurent Beauté in 2008?

In 2008, L'Oréal acquired the worldwide fragrance and cosmetics license for Yves Saint Laurent Beauté and Roger & Gallet from PPR (Kering) for €1.15 billion ($1.68 billion), creating top-selling global fragrances like Black Opium and Libre.

What was the strategic acquisition of AR and AI beauty pioneer ModiFace in 2018?

In March 2018, L'Oréal acquired Canadian augmented reality and artificial intelligence company ModiFace, providing the proprietary technological foundation for L'Oréal's Beauty Tech diagnostic and virtual try-on platforms.

What was the acquisition of professional haircare brand Redken in 1993?

In 1993, L'Oréal acquired American professional salon brand Redken Laboratories (founded in 1960 by Paula Kent and Jheri Redding), cementing L'Oréal's global leadership in professional hair color and protein-based conditioning.

What is L'Oréal's disciplined M&A philosophy under CEO Nicolas Hieronimus?

L'Oréal's M&A philosophy focuses on acquiring high-potential, culturally resonant brands with strong scientific credibility or unique luxury prestige (like Aesop, CeraVe, and Youth to the People), scaling them globally through L'Oréal's distribution and R&I engines.

What companies has L'Oréal acquired?

L'Oréal is the absolute master of M&A. In 2017, they bought three skincare brands (including CeraVe) from Valeant for $1.3 billion; L'Oréal then utilized its massive global supply chain to turn CeraVe into a massive, multi-billion dollar viral juggernaut. In 2023, they executed their absolute largest acquisition in history, buying the ultra-premium Australian soap brand Aesop for a staggering $2.5 billion.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.