L’Oreal and Nestle call a halt to Inneov joint venture

L'Oreal and Nestle have announced that they will be concluding the activities of their joint venture Inneov, which was launched in 2002.

Offering cosmetic nutritional supplements sold in pharmacies, the venture will be formally terminated during the first quarter of 2015, as it has been mutually decided that the pace of its development has not met expectations.

The Inneov joint venture achieved a turnover of 52 million euros (41.22 million pounds) during 2013 and has been producing nutritional concentrates for skin and hair beauty products, leveraging the expertise of its founding partners.

A joint statement from the organisations said: "Both partners will keep the benefits of the research and intellectual property, as well as the developments achieved which could be potentially used in their respective fields."

L'Oreal is now pressing ahead with other strategically important business ventures, having agreed a deal to acquire the US beauty brand Carol's Daughter in October 2014.

During the first nine months of the year, it generated a sales total of 16.57 billion euros.