New Delhi, June 18 -- French beauty giant L'Oreal has agreed to acquire a majority stake in Indian personal care company Innovist, in a deal that highlights intensifying competition for high-growth digital-first beauty brands in the country. The deal size was not disclosed.

The French company said Innovist will become part of its Consumer Products Division portfolio. Under the agreement, Innovist's founders Rohit Chawla, Sifat Khurana and Vimal Bhola will retain minority stakes and continue to run the business alongside L'Oreal India, it said in a statement on Thursday.

The agreement also gives L'Oreal the right to acquire the remaining minority shareholding in the future.

The transaction is expected to close in the coming months, subj...