India, June 18 -- Global cosmetics giant L'Oreal has signed an agreement to acquire a majority stake in beauty and personal care startup Innovist. However, the company did not disclose the financial details of the deal.

This acquisition, L'Oreal said in a statement, will help it expand into India's fast growing BPC market and build a portfolio with local brands catering to the Indian audience.

As part of the agreement, the Innovist founding team will continue to operate and scale the business in collaboration with L'Oreal India as minor stakeholders.

"L'Oreal will start consolidating Innovist sales from the date of the closing of the transaction. As part of the agreement, L'Oreal has also secured rights to buy out the minority sharehol...