L'Occitane, a luxury cosmetics manufacturer and retailer with a portfolio of premium beauty brands, has just acquired British skincare brand Elemis to the tune of $900 million. It is the company's largest acquisition since listing on the Hong Kong Stock Exchange.
Founded in 1990, Elemis has become a world leader in prestige skincare and is the number one independent British skincare brand. Its products have strong cross-generational consumer appeal, attracting millennials while also maintaining loyal Gen X and baby boomer consumers.
Reinold Geiger, chairman and CEO of L'Occitane said, "We are pleased to welcome the Elemis business, brand and people to the L'Occitane family. It is a major step forward for L'Occitane in building a leading portfolio of premium beauty brands. 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 on 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."
Sean Harrington, co-founder and CEO of Elemis added, "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. 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."
With the Elemis deal, L’Occitane is likely to reach its 1.95 billion sales target in two years, according to an online financial source.
L’Occitane, with origins in the southern French region of Provence, operates in 90 countries with 3,285 retail outlets, according to its website. Elemis will join the company's portfolio of brands, which includes Melvita, Erborian and LimeLife by Alconel.