THE FACT THAT? 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 of directors will consider nominating two non-independent L’Oréal candidates at the 2026 Annual General Meeting.
L’Oréal says it will continue to support Galderma’s strategy under CEO Flemming Ørnskov and has no intention of seeking a controlling position. The transaction will be executed as an off-market block transaction and will be funded through L’Oréal’s existing cash and credit facilities. Closing is expected in the first quarter of 2026, subject to regulatory approvals, after which L’Oréal will account for its investment using the equity method.
THE WHY? The deal reflects L’Oréal’s continued push into medical aesthetics, a high-growth adjacent segment, while formalizing a deeper strategic alignment with Galderma on science, innovation and long-term market development.
Fountain: L’Oréal
