French cosmetics giant L'Oreal said on Friday that it has acquired Mumbai-based company Cheryl's Cosmeceuticals for an undisclosed amount.
The company, in its first acquisition in India, has bought Cheryl's Cosmeceuticals, a pioneer in professional skin care products and treatments in beauty salons, L'Oreal said in a statement.
"This is an attractive opportunity for L'Oreal in India as it broadens the product offering of our professional products division in this country to also include skincare products and services," said Jean-Christophe Letellier, managing director of L'Oreal India.
It will further enhance the company's leadership position in the professional products market where L'Oreal is present with - L'Oreal Professionnel, Matrix, and Kerastase, he added.
"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," said Oscar Pereira, director of the Mumbai-based firm.
L'Oreal India has been present in the country as a wholly-owned subsidiary of L'Oreal SA since 1994. Cheryl's Cosmeceuticals was created in 1986 by Oscar and Cheryl Pereira and is known for skin care treatments and products across salons in India.
In 2012, Cheryl's Cosmeceuticals had a distribution network spanning over 10,000 salons in India and a turnover of nearly Rs 20 crore.
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