L'Oreal Doubles Stake in Swiss Skincare Company Galderma

Dow Jones12-08

By Sarah Sloat

L'Oreal is buying a stake in Galderma from an investor group, doubling its holding in the Swiss company to 20% in a deal that expands its footprint in dermatology.

Financial terms weren't disclosed. The package of about 24 million Galderma shares would be valued at 3.9 billion francs ($4.85 billion) based on Friday's closing price of 162.80 francs. The seller is an investment group led by Sweden's EQT and includes Sunshine SwissCo, Abu Dhabi Investment Authority and Auba Investment, L'Oreal said.

The deal deepens L'Oreal's footprint in skincare, having agreed to buy South Korean skincare brand Dr.G last December, and signing a deal to acquire a majority stake in Medik8, a U.K. skincare brand, earlier this year.

The French cosmetics group, whose brands include Maybelline, Aesop and Lancome, founded Galderma with Nestle more than 40 years ago. After exiting the company in 2014, it returned to buy a 10% stake in 2024. Galderma focuses on injectable aesthetics and dermatological skincare treatments. The company, which went public in 2024, had net sales in 2024 of $4.4 billion.

L'Oreal said it wasn't planning to further increase its stake.

Analysts at Vontobel said the deal makes strategic sense for L'Oreal, with Galderma bringing scientific leadership in dermatology to the table.

Galderma said it would consider putting two L'Oreal representatives on its board, replacing those representing the consortium led by EQT.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

December 08, 2025 04:17 ET (09:17 GMT)

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