L'Occitane Group to acquire Elemis in multi-million dollar deal
The independent British skin care brand is being sold for $900 million.
L'Occitane International has announced that it has entered into an agreement to acquire British skin care brand, Elemis, for $900 million.
Elemis is being sold by Steiner Leisure Limited, a portfolio company of L Catterton, a global consumer-focused private equity firm.
Speaking of the acquisition, Reinold Geiger, chairman and chief executive officer of L'Occitane, says: “We are pleased to welcome the Elemis business, brand and people to the L'Occitane family. 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 utilising our expertise in the category to expand the brand's footprint around the world,” Reinold adds.
Founder-led since 1990, Elemis has become a world leader in prestige skin care and capitalises on its five strategic distribution channels – digital, retail distribution, QVC, professional spa and maritime – to drive awareness, trial, conversion and retention across the omni-channel.
“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,” commented 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,” he continues. “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 skin care brands in the world.”
The transaction is expected to close in the first quarter of 2019.