ICP is a significant player on the Kenyan beauty market, with strong positions in the hair and skin care markets.
Its products are manufactured in Nairobi and sold across East Africa.
In a statement, L'Oreal said the acquisition highlights "the strategic importance of Africa" and demonstrates its confidence in the region and its "market potential".
"ICP's acquisition is an important milestone for L'Oréal in Kenya. It broadens our product offer with accessible brands, and strengthens the group's position in the mass market. This acquisition will also accelerate our development in Eastern Africa," said Geoff Skingsley, Executive Vice-President, Africa and Middle East Zone.
The World Bank expects Kenya's Gross Domestic Product (GDP) growth rate to hover around the five percent mark in each of the next three years.
On Monday Kenya's new President Uhuru Kenyatta pledged his government will focus on achieving a 7-10 percent economic growth rate within the next two years.
"To achieve this, we will focus on substantively improving the environment for growth in manufacturing, and agricultural production through equitable access to land," he said.
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