Clichy, June 18 -- French beauty major L'Oreal Groupe on Thursday announced that it has signed an agreement to acquire a majority stake in Indian digital-first personal care brand Innovist, marking a significant expansion of its presence in one of the world's fastest-growing beauty markets.

Announcing the deal, L'Oreal said the acquisition reinforces its long-term commitment to India and will help expand its portfolio of science-led, locally relevant beauty brands.

"This strategic move marks a major step in L'Oreal's expansion in India's fast-growing beauty industry and complements its portfolio with local brands tailored for Indian consumers," the company said in a statement.

L'Oreal described the transaction as a "Strategic expansion...