L'Oréal doubles Galderma stake to 20%, secures two board seats in medical aesthetics push

Q1 2026 — L'Oréal completed acquisition of an additional 10% in Galderma Group AG, taking total ownership to 20% and replacing EQT's board nominees with two L'Oréal non-independent candidates. Initial 10% stake taken August 2024; the additional 10% purchased from a consortium led by EQT including ADIA and Auba Investment. Terms undisclosed. Galderma — owner of Restylane, Sculptra, Dysport, Cetaphil, Benzac — is the world's largest pure-play dermatology company. The stake-building positions L'Oréal in medical aesthetics (the fastest-growing channel adjacent to prestige skincare) without triggering full consolidation.