L’Oréal expands stake in Cetaphil owner Galderma

L’Oréal has acquired an additional 10% stake in Swiss skincare company Galderma Group AG and now holds a 20% ownership stake in the firm.

The move comes as L’Oréal seeks to strengthen its presence in the aesthetics market, an area adjacent to its core beauty business.

Following the investment, Galderma is expected to consider appointing two board members from L’Oréal to replace representatives from the EQT-led consortium at the company’s 2026 Annual General Meeting.

The company, which made its initial strategic investment in Galderma last year, said the partnership has delivered promising results.

Nicolas Hieronimus, CEO of L’Oréal, said: "Aesthetics is a key adjacency to our core beauty business that we are keen to continue to explore. Our initial strategic investment has proven very successful and therefore we are eager to solidify and extend the partnership further."

Galderma, which operates under the leadership of CEO Flemming Ørnskov, will continue to maintain its operational independence. Both companies plan to explore deeper collaboration in scientific research, leveraging their complementary expertise.

Galderma’s portfolio spans the full spectrum of dermatology, including flagship brands such as Cetaphil, Restylane, Benzac, and Sculptra. The company expressed support for the transaction and acknowledged L’Oréal as a "strong" long-term partner.

The acquisition reflects L’Oréal’s ongoing strategy to expand in fast-growing segments of the beauty and skincare market while continuing to collaborate with established players in the dermatology space.