Cosmetics maker L’Oreal agreed to acquire a majority stake in British skincare brand Medik8, in a strategic move to strengthen its presence in the booming skincare market. The French beauty giant announced the deal on Monday, though financial terms were not disclosed.The transaction, which sees UK-based private equity firm Inflexion selling its majority holding, reportedly values Medik8 at around 1 billion Euro, according to a source familiar with the matter. Inflexion will retain a minority share, while L’Oreal has secured the option to eventually buy out all remaining shareholders, Reuters reported.“We are delighted to welcome Medik8 to the L’Oréal family. As a premium skincare range, with high levels of proven efficacy at an accessible price point, Medik8 perfectly complements our existing skincare portfolio,” Cyril Chaupuy, president of L’oreal Luxe said.“This acquisition further strengthens L’Oreal’s luxe portfolio, adding a premium science-backed skincare brand with a proven track record of success, with strong potential for global growth,” the company said in a statement.L’Oreal will begin consolidating Medik8’s sales once the transaction officially closes. The acquisition is expected to be finalised in the coming months, pending regulatory approvals and standard closing conditions.Simon Coble, CEO of Medik8 also expressed excitement on the brand’s behalf.“I am delighted to be joining forces with a company which shares our vision for the brand’s future growth and whose core values align with our deep commitment to science, innovation and above all, results without compromise. I look forward to the next stage in Medik8’s journey, as we work together to bring our innovative products to a wider audience.”Founded in the UK, Medik8 has built a loyal customer base with its vitamin A-focused anti-ageing creams and serums. The brand is seen as a natural fit for L’Oreal’s luxury division, which includes skincare and fragrance names such as Lancome, Aesop, and Miu Miu. Last year, sales in L’Oreal’s luxe segment grew by just 2.7%, its weakest performance across divisions, as inflation pushed consumers toward more affordable alternatives. However, the unit scrored better than rival LVMH’s beauty arm.