THE WHAT? L’Oréal has acquired an additional 10% stake in Galderma Group AG, bringing its total ownership to 20% as it strengthens its position in the fast-growing medical aesthetics category.
THE DETAILS The shares were purchased from a consortium led by EQT—which includes Sunshine SwissCo, ADIA and Auba Investment—for an undisclosed amount. As part of the increased participation, Galderma’s board will consider nominating two non-independent L’Oréal candidates at the 2026 AGM.
L’Oréal states it will continue to support Galderma’s strategy under CEO Flemming Ørnskov and does not intend to seek a controlling position. The transaction will be executed as an off-market block trade and funded through L’Oréal’s existing cash and credit lines. Closing is expected by Q1 2026, subject to regulatory approvals, after which L’Oréal will account for its investment via the equity method
THE WHY? The deal reflects L’Oréal’s continued push into medical aesthetics—an adjacent, high-growth segment—while formalising deeper strategic alignment with Galderma across science, innovation and long-term market development.
Source: L’Oréal
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