L'Oreal, the French cosmetics giant announced the acquisition of Cheryl's Cosmeceuticals. There was no advice as to the cost of the acquisition.
Cheryl's is the first foray by L'Oreal into the Indian market. The Mumbai-based cosmetics firm is one of the pioneers in professional skin care and treatments used in beauty salons throughout the country.
According to L'Oreal India Managing Director Jean-Christophe Letellier, through 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."
Another effect according to Letellier would be the enhancement of L'Oreal's position as the market leader in professional products market, with lines such as L'Oreal Professionel, Matrix and Kerastase.
For its part, Cheryl's Cosmeceuticals Direcctor Oscar Perreira said, "It has been a great adventure to bring to market a truly unique brand that has captures the hearts and minds of many thousands of salons."
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