Zug, Switzerland – December 10, 2025 — L’Oréal has announced a strategic move to deepen its involvement in Galderma by acquiring an additional 10% stake, bringing its total shareholding to 20%. L’Oréal
This decision affirms L’Oréal’s long-term confidence in Galderma’s science-driven dermatology capabilities and underscores the cosmetics giant’s commitment to accelerating growth in the aesthetics and skincare sector.
Strengthening a Strategic Partnership in Beauty & Dermatology
L’Oréal and Galderma share a foundational history — originally co-founders decades ago — and this renewed investment symbolizes a re-commitment to that legacy. With global demand rising for advanced dermatological care, aesthetic medicine, and premium skincare, L’Oréal believes consolidating its presence in Galderma provides a competitive advantage, combining mass-market reach with specialized medical-skincare expertise.
According to L’Oréal’s CEO, the initial 10% stake acquired in 2024 delivered promising results. With growing demand for science-based skincare and aesthetic treatments worldwide, L’Oréal is now eager to deepen collaboration, leveraging Galderma’s proven dermatology portfolio. L’Oréal
Galderma, for its part, recognizes the renewed investment as a strong vote of confidence. The company has committed to maintaining operational independence under its current leadership while welcoming the opportunity to deepen scientific collaboration with L’Oréal. Galderma
Key Details of the Investment & Governance Changes
- The transaction involves an off-market block trade with a consortium led by private equity firm EQT, along with other investors including the Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. The financial terms remain undisclosed. L’Oréal Finance
- Upon completion, expected in the first quarter of 2026, L’Oréal’s total ownership in Galderma will be 20%.
- As part of the deal, Galderma’s board is likely to designate two non-independent directors nominated by L’Oréal — replacing previous representatives from the selling consortium — at the 2026 Annual General Meeting.
- L’Oréal has clarified that while this marks a significant increase, it does not plan further equity purchases at present.
The transaction will be funded via L’Oréal’s available cash reserves and existing credit lines.
Why This Move Matters — Strategic Rationale & Market Positioning
Meeting Rising Demand for Aesthetic & Dermatological Care
Global interest in aesthetic dermatology, injectable treatments, and science-based skincare continues to grow rapidly. Galderma, with its spectrum of therapeutic and cosmetic dermatology brands — from injectables to prescription skincare — is uniquely positioned to capitalize on this trend. By increasing its stake, L’Oréal ensures it remains at the forefront of this shift. investors.galderma.com
Combining Consumer Reach with Clinical Expertise
L’Oréal has long excelled in beauty, cosmetics, and mass-market skincare. Galderma brings deep dermatology and medical-aesthetics expertise. The strengthened partnership enables cross-pollination — offering consumers access to clinically-backed treatments underpinned by L’Oréal’s distribution scale, while preserving Galderma’s scientific rigour and brand identity.
Strategic Diversification Amid Beauty Market Evolution
The beauty industry is evolving: consumers increasingly demand efficacy, safety, and results — not just aesthetic appeal. With this investment, L’Oréal hedges its growth strategy by doubling down on “beauty + science,” bridging cosmetic appeal with dermatological credibility and tapping into the growing medical-aesthetics segment.
Long-Term Growth and Value Creation Potential
By securing a significant share in a pure-play dermatology leader, L’Oréal positions itself for sustained value creation — through product innovation, global expansion, and the emerging convergence between beauty, health, and wellness industries. The added board representation also allows L’Oréal to influence strategic direction while respecting Galderma’s strategic autonomy.
Looking Ahead: What to Watch
- Closing of the Transaction (Q1 2026) — once regulatory approvals are secured and the block trade is settled.
- Board Restructuring and Governance Integration — appointment of L’Oréal-nominated directors at Galderma’s 2026 AGM.
- Joint R&D and Product Innovation — leveraging Galderma’s dermatological science with L’Oréal’s brand development and global distribution network.
- Expansion into New Markets and Segments — particularly in aesthetic injectables, therapeutic skincare, and clinical-grade dermatology, driven by consumer demand for proven beauty + health solutions.
- Synergy Between Cosmetic and Dermatology Businesses — potential integration or collaboration across L’Oréal’s existing consumer-beauty brands and Galderma’s dermatology portfolio to meet evolving consumer expectations.
About L’Oréal
L’Oréal is the world’s leading beauty company, with over a century of experience in cosmetics, skincare, haircare, and beauty innovation. The Group operates across multiple business divisions — consumer products, luxury, professional, and dermatological beauty — with a portfolio of more than 37 international brands and a global footprint spanning over 150 countries. Its commitment to research & innovation, sustainability, and beauty inclusivity underpins its mission to create “Beauty that Moves the World.”
Through this strategic investment in Galderma, L’Oréal reinforces its ambition to evolve beyond traditional beauty — embracing medical-grade skincare, aesthetic medicine, and the growing convergence of beauty and health.
About Galderma
Galderma is a leading global dermatology company with a science-based portfolio spanning injectable aesthetics, dermatological skincare, and therapeutic dermatology. Serving patients and consumers in nearly 90 countries, Galderma is dedicated to advancing skin health and aesthetic innovation through deep scientific expertise and clinical-grade solutions. Galderma
Since its establishment in 1981, Galderma has focused on delivering effective, safe, and innovative dermatological and aesthetic products — from hyaluronic-acid injectables and neurotoxins to medical-grade skincare and prescription treatments — building a robust presence in both consumer and medical skincare markets.
Conclusion
L’Oréal’s decision to raise its stake in Galderma to 20% marks a strategic milestone — reflecting confidence in the growing demand for clinical skincare, aesthetic treatments, and science-based dermatology. By combining L’Oréal’s global reach, brand strength, and consumer-beauty expertise with Galderma’s scientific leadership in skin health, the partnership stands poised to reshape the future of beauty and wellness. For stakeholders, the move signals long-term value creation, product innovation, and leadership in a rapidly evolving beauty ecosystem.
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