The joint venture did not meet the development expected by both partners
L'Oréal and Nestlé have announced plans to end their joint venture Innéov.
Innéov, which generated a turnover of €52m in 2013, was said to have “not met the development expected by both partners”.
Created in 2002, Innéov is a nutritional beauty supplements brand, which was launched to meet the beauty needs of consumers across Europe. Innéov's flagship product is said to be Innéov Masse Capillaire, which contains taurine and a patented zinc formula that penetrates the root of hair to create added strength and volume.
In a statement, it was revealed that the partners would retain the benefits of the research and intellectual property, as well as the developments achieved from the venture that could potentially have use in both L'Oréal's and Nestlés respective fields.
Addressing the issue of job losses, L'Oréal and Nestlé said they “are committed to review all employment opportunities within their Groups for all employees of Innéov. This project is being submitted for information / consultation to employee representatives according to the regulations of each country concerned.”