L'Oréal Q3 sales rise 11.9%; India posts double-digit growth

French beauty group L'Oréal reported on October 22, 2026 that its sales for the July-September quarter rose 11.9 per cent to 11.56 billion euros, with like-for-like growth of 7.2 per cent. The company said India and Vietnam grew at double-digit rates, helping its emerging-markets region, which includes South Asia, the Middle East and Africa, grow 19.5 per cent on an adjusted like-for-like basis. It also said it had completed the purchase of a majority stake in Innovist, an Indian digital-first personal care company.

"Like-for-like" growth strips out the effect of currency movements and of companies bought or sold, so it shows how much the existing business really grew. The gap between L'Oréal's reported growth of 11.9 per cent and its like-for-like 7.2 per cent comes from those other factors. The company also gave an adjusted figure because a change in its IT systems shifted some sales between quarters last year and this year.

For India's beauty and skin care market, the numbers matter in two ways. First, double-digit growth for one of the largest global beauty groups signals that Indian consumers are spending more on beauty and personal care, and that new buyers are entering the market, which L'Oréal described as consumer recruitment. Second, the completed Innovist deal shows the company betting on India's digital-first brands, which sell mainly online and through social media rather than in traditional shops.

For Indian founders and women entrepreneurs in beauty, a global company buying into a homegrown brand is an important signal. It shows that brands built for Indian consumers online can become attractive to global groups, which can open a route to growth and investment for the sector. It also raises competition, since a brand backed by a global group can draw on far larger budgets for research, marketing and distribution.

For consumers, more competition in skin care and hair care usually means more choice and more products designed for Indian skin types, hair types and climates, though prices and product claims should always be checked.

Short-term: L'Oréal's results confirm strong demand for beauty in India and other emerging markets, even as growth in some other regions is slower.

Long-term: India is becoming a more important growth market for global beauty companies, which are likely to keep investing in local brands, manufacturing and digital sales. That could change the competitive landscape for Indian beauty start-ups and established companies alike.

Who is affected: Indian beauty and personal care consumers; Indian beauty brands and founders, including Innovist; retailers and online platforms; and investors following the consumer sector.

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