In seven years, it "has almost doubled its net sales": L'Occitane will sell the British brand Elemis to the PAI Partners fund which wants to accelerate its development in the United States

He acquired it in 2019 for $900 million (785 million euros). Seven years later, the cosmetics group L'Occitane will sell the British brand Elemis to the French fund PAI Partners, which intends to accelerate its development in the United States, these companies announced this Wednesday, November 4. The finalization of the operation, the amount of which has not been specified, is expected in the first quarter of 2027, subject to the usual regulatory authorizations, specifies a press release.

L'Occitane, a beauty products company of French origin, owned by Austrian billionaire Reinold Geiger, signed the largest acquisition in its history by acquiring Elemis, a high-end British skin care brand in 2019, founded in 1989. Rapid growth in the United States In seven years within L'Occitane, Elemis has "almost doubled its net sales", which now exceed 300 million dollars, according to the press release. The brand, which generates nearly half of its revenue online, boasts rapid growth in the United States, where it generates about half of its net sales.

Quoted in the press release, L'Occitane CEO Reinold Geiger praised "the special role" played by Elemis in the history of the group which includes, in addition to L'Occitane en Provence, the French brand Melvita and the Korean line Erborian. “This transaction reflects rigorous portfolio management, focused on creating long-term value for the group”, founded in 1976 in Manosque (Alpes-de-Haute-Provence), he added. Partners at PAI, Gaëlle d'Engremont and Colm O'Sullivan said they were "impatient" to support "the next phase" of Elemis' development, with the ambition of accelerating its growth in the United States and increasing its online activity, while "preserving its unique British identity".

According to the latest results published by L'Occitane, the group achieved a net turnover of 2.8 billion euros worldwide, for the 2024-2025 financial year, ending March 31, 2025, up 12% year-on-year at constant rates. The group withdrew from the Hong Kong stock exchange in 2024, where it was listed in 2010, Reinold Geiger having bought back all the shares.

Machine-translated from French