L’Occitane International on Sunday announced that it will acquire luxury British skincare brand Elemis for $900 million.
The French cosmetic group has purchased Elemis from Steiner Leisure, a portfolio company of global consumer-focused private equity firm, L Catterton. The transaction is expected to close in the first quarter of 2019.
“[The agreement] is a major step forward for L’Occitane in building a leading portfolio of premium beauty brands,” said L’Occitane’s chief executive officer and chairman, Reinold Geiger.
“Elemis is well positioned for continued global growth due to the brand’s broad appeal, award-winning product portfolio, robust new product development pipeline and effective consumer-focused digital and brick-and-mortar distribution strategy.
“We have long admired Elemis for their commitment to natural ingredients and scientific innovation, and we look forward to utilizing our expertise in the category to expand the brand’s footprint around the world.”
Co-founded in the early 1990s by Sean Harrington, Noella Gabriel and Oriele Frank, Elemis’ is the current number one independent skincare brand in the UK, and appeals to a wide-ranging age group, attracting Millennials, Gen X and Baby Boomer consumers.
Within its fold are four skincare franchises, sold across five distribution channels – digital, retail distribution, QVC, professional spa and maritime.
“We are thrilled to announce this agreement with L’Occitane, which will strengthen the continued growth and momentum behind our timeless brand and remarkably transformative products,” said Sean Harrington, co-founder and chief executive officer of Elemis.
“Reinold Geiger has a strong history of developing and supporting brands like ours that are creating products sourced from nature and developed through cutting edge science and technology. With his inspiring and entrepreneurial leadership, I am confident that through this transaction, we can continue to realize our mission of delivering extraordinary products and experiences and grow Elemis into one of the leading skincare brands in the world.”
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L’Occitane International manufactures and retails beauty and well-being products based on natural and organic ingredients. The group has more than 3,000 retail outlets, including over 1,500 owned stores, and is present in 90 countries.