To capitalise on the beauty market in India, the local arm of the French company, L’Oréal is looking to acquire cosmetic firms to expand its skin and make-up market in the country, reported the Mint.

Amit Jain, managing director of L’Oréal's India business told the daily that the French firm is looking to acquire companies with a range of make-up and skin care products to fill gaps in its existing portfolio. The company’s global M&A (merger and acquisition) team has been talking to various beauty companies in India, the report said.

“What’s of great interest to us is skin and make-up. We are looking for good strong formulations for Indian consumers and high-quality manufacturing. For us, it is also about getting in products that are close to the Indian consumers both from a brand and product type." Jain was quoted as saying by Mint.

The interest shown by the French cosmetics company, whose portfolio includes brands like Garnier, Maybelline, NYX and L’Oréal Professional comes at a time when the Indian beauty industry is growing at a faster pace, the report added.

As of 2018, India’s beauty and personal care market stood at Rs 97,100 crore. Of this, coloured cosmetics is estimated at Rs 8,000 crore, while skincare is estimated at Rs 12,500 crore, according to data from research firm Euromonitor.