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“Eager to solidify and extend the partnership further,” said L’Oréal CEO Nicolas Hieronimus.
December 8, 2025
By: Christine Esposito
Editor-in-Chief
L’Oréal is acquiring an additional 10% in Galderma Group AG.
The beauty giant, the No.1 company in Happi’s International Top 30, will purchase the stake from a consortium led by EQT, for an undisclosed amount.
The transaction doubles L’Oréal’s ownership of Galderma’s share capital to 20%.
According to L’Oréal, the new investment confirms the “solid growth journey” that the company has embarked on and reaffirms its plans to be part of the fast-growing aesthetics market.
L’Oréal acquired its initial 10% in Galderma in August 2024, as reported by Happi.
At that time, the company said it would not seek to be represented on Galderma’s board of directors.
With the increased investment, board roles on are the table.
L’Oréal said the board of directors of Galderma will consider nominating two non-independent board candidates from L’Oréal, replacing the consortium led by EQT.
“Aesthetics is a key adjacency to our core beauty business that we are keen to continue to explore. Our initial strategic investment made in 2024 in Galderma has proven very successful and therefore we are eager to solidify and extend the partnership further,” said Nicolas Hieronimus, CEO of L’Oréal.
In its announcement, L’Oréal said it will continue to support the company’s strategy and independence under the leadership of Flemming Ørnskov, Galderma’s CEO, and “is not contemplating to increase its stake.”
“We are pleased with L’Oréal’s increased investment, which affirms our direction and the meaningful value creation we expect in the years ahead. As we move into 2026, we remain fully focused on our Integrated Dermatology Strategy and on serving our customers, consumers and patients,” Ørnskov said in a statement.
According to Ørnskov, with strengthened commercial execution, continued platform and portfolio expansion, and an “increasingly consumer-focused approach to innovation, we are rapidly scaling into a dermatology powerhouse.”
Galderma reported solid growth in the first half of the year, as reported by Happi.
The transaction will be implemented by way of an off-market block trade with the EQT-led consortium, according to L’Oréal, which will fund the purchase with available cash and credit lines.
Closing, expected by Q1 2026, remains subject to customary regulatory approvals.
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