L’Oréal invests in Functionalab Group, leader of aesthetic medicine clinics in Canada
28.11.2019 - Finance
Clichy / Montréal, 28 November 2019 - L’Oréal and Functionalab Group announce a strategic investment of L’Oréal in Canadian company Functionalab Group, leader of aesthetic medicine clinics in Canada with its Dermapure and Project Skin MD® brands and expert in professional skin care.
With a network of 15 medical aesthetic clinics in Canada, Functionalab Group offers a complete range of non-invasive rejuvenating treatments such as laser, injections, cryolipolysis, wrinkle and skin tightening treatments with ultrasound or radiofrequency.
With this partnership, L’Oréal reinforces its position in the professional skin care market where the Group is already present with the brand SkinCeuticals, whose distribution will be extended to all Dermapure clinics.
Brigitte Liberman, President Active Cosmetics Division, said: « Aesthetic procedures are increasingly integrated into the consumer’s beauty routines. With this investment, we will be able to better understand their expectations in regard to procedures, aesthetic gestures and offer them tailormade beauty routines. This is also a great opportunity for the SkinCeuticals brand to establish a strong partnership with a Canadian leader of aesthetic medicine clinics. »
Francis S. Maheu, Co-Founder and CEO of Functionalab Group, said: «This strategic partnership with L’Oréal not only validates our leadership position in Canada, but also the unique positioning and attractiveness of our concepts and brands in the field of aesthetic medicine clinics. We are proud to be able to count on the support of L’Oréal to continue executing and accelerating our growth plan including a geographic expansion. »
This minority investment was done through L’Oréal’s corporate venture capital fund BOLD Business Opportunities for L’Oréal Development, created by L’Oréal.
With this transaction, Functionalab Group remains under the control and leadership of its current management team based in Montreal.
L’Oréal has devoted itself to beauty for over 100 years. With its unique international portfolio of 36 diverse and complementary brands, the Group generated sales amounting to 29.87 billion euros in 2019 and employs 88,000 people worldwide. As the world’s leading beauty company, L’Oréal is present across all distribution networks: mass market, department stores, pharmacies and drugstores, hair salons, travel retail, branded retail and e-commerce.
Research and innovation, and a dedicated research team of 4,100 people, are at the core of L’Oréal’s strategy, working to meet beauty aspirations all over the world. L’Oréal sets out ambitious sustainable development goals across the Group for 2030 and aims to empower its ecosystem for a more inclusive and sustainable society.
More information: https://mediaroom.loreal.com/
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