French cosmetics giant L’Oreal 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.
“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. Cheryl’s Cosmeceuticals was created in 1986 by Oscar and Cheryl Pereira. Cheryl’s Cosmeceuticals has a distribution network spanning thousands of salons in India and annual revenue of $4 million