L’Oréal Ups Investment in Galderma, Increasing Ownership to One-Fifth

L’Oréal strengthens its commitment to the aesthetics business. The French group has agreed to acquire an additional 10% stake in the Swiss dermatology company Galderma Group, bringing its equity position in the company to 20%.

The French cosmetics group will buy this 10% from the Sunshine SwissCo consortium, led by EQT, Abu Dhabi Investment Authority (Adia) and Auba Investment, for an undisclosed amount. L’Oréal had already taken a 10% stake in Galderma in August 2024 and, with this second transaction, will double its shareholding.

As explained by L’Oréal, Galderma’s board of directors will consider appointing two non-independent directors proposed by the French company to replace the representatives of the consortium led by EQT, as of the 2026 general shareholders’ meeting.

The company stressed that the increase in its strategic investment in Galderma “confirms the solid growth trajectory the company has embarked on” and “reaffirms L’Oréal’s ambitions to participate in the fast-growing aesthetics market.“

L’Oréal had already taken a 10% stake in Galderna in 2024

The French group has also remarked that it will continue to support Galderma’s strategy and independence and has assured that it has no plans to further increase its stake in the Swiss firm.

“Aesthetics is a key area adjacent to our core beauty business that we are keen to explore further; our initial strategic investment has proved very successful.Our initial strategic investment has been very successful and we are therefore looking forward to further consolidating and expanding the partnership,“ said Nicolas Hieronimus, CEO of L’Oréal.

In parallel, the two companies will analyze options for strengthening their scientific collaboration, with the aim of drawing more intensively on the complementary expertise of the two groups.

The transaction will be executed through an off-market transaction with the EQT-led consortium and will be financed with L’Oréal’s available cash and credit facilities. Closing is expected in the first quarter of 2026, subject to customary regulatory approvals.

L’Oréal closed the first nine months of the current fiscal year with sales of €32.807 billion, up 1.2% year-on-year, up 3.4% on a comparable basis. Between July and September, the company posted sales of €10.334 billion, 0.5% more than in the same period of the previous year.