PARIS — L’Oréal has strengthened its foothold in the professional skin-care market through a minority investment in Canadian company Functionalab Group, a developer and marketer of beauty brands with a network of 15 medical aesthetic clinics in Canada.
The French cosmetics giant made the strategic investment through its corporate venture capital fund BOLD, Business Opportunities for L’Oréal Development. Functionalab Group’s current management team will continue to run the company from Montreal, the companies said in a joint statement on Thursday.
Founded in 2009, Functionalab Group operates cosmetic dermatology clinics under its Dermapure and Project Skin MD brands, offering non-invasive treatments such as laser, injections, cryolipolysis, wrinkle and skin tightening treatments with ultrasound or radiofrequency.
Its dermatologist-approved line of skin care, Jouviance, is distributed in around 3,500 retail points of sale in Canada, at CVS Pharmacies in the U.S. and in Asia.
“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,” the brand said.
“Aesthetic procedures are increasingly integrated into the consumer’s beauty routines,” noted Brigitte Liberman, president of the Active Cosmetics Division at L’Oréal.
“With this investment, we will be able to better understand their expectations in regard to procedures, esthetic gestures and offer them tailor-made beauty routines. This is also a great opportunity for the SkinCeuticals brand to establish a strong partnership with a Canadian leader of esthetic medicine clinics,” she added.
Francis S. Maheu, cofounder and chief executive officer 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.”
The investment will help the group to execute and accelerate its plans for geographic expansion, he added.