L’Oréal reinforces its position in professional beauty with a strategic investment in Canadian dermocosmetics company Functionalab Group, leader of aesthetic medicine clinics in Canada, with two brands, Dermapure and Project Skin MD.
WHO: Founded in 2009, Montreal-based Functionalab Group is an innovative developer and marketer of beauty brands focused on the professional aesthetic market with Dermapure, Project Skin MD, and Functionalab, and the retail dermocosmetics market with Jouviance. Focusing on two distinct distribution channels, the Group brings innovation and learnings from each of the professional and retail markets to the consumer. With a network of 15 medical aesthetic clinics in Canada, Functionalab Group offers a complete range of non-invasive rejuvenating treatments.
IN THEIR OWN WORDS: Brigitte Liberman, President Active Cosmetics Division, said in a statement, “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 tailor-made 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 in a statement, “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.
- Functionalab Group was ranked among Canada’s top performers in the PROFIT 500 ranking of Canada’s Fastest-Growing Companies four years in a row in 2016, 2017, 2018, 2019, and was a finalist for the EY Entrepreneur of the Year award in 2016.
- With this transaction, Functionalab Group remains under the control and leadership of its current management team based in Montreal.
Photo: via Functionalab Group