L’Occitane has announced the acquisition of premium skin care brand Elemis for US$900 million.
Founder-led since 1990, Elemis is a UK-leader as well as an established brand in the US. The acquisition is in line with L’Occitane’s strategy to build a leading portfolio of premium cosmetics brands and will further strengthen its omni-channel distribution and product categories.
“This is L’Occitane’s largest acquisition since listing and a major step forward in building a group of premium beauty brands,” said Reinold Geiger, L’Occitane Chairman and CEO. “Elemis presents a truly unique opportunity that fits us perfectly in terms of brand ethos, product quality, management capability, as well as growth and profitability trajectory. Elemis has enormous growth potential in untouched markets and channels, particularly in Asia Pacific where we have strong presence. We are confident Elemis will be immediately accretive to the Group’s results, in line with our aim to deliver sustainable value to our shareholders.”
“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. “L’Occitane’s philosophy resonates closely with our own, in creating quality products sourced from nature and developed through cutting-edge science and technology. Together with the Group’s entrepreneurial leadership, I am confident about realising our mission to grow ELEMIS into one of the leading skincare brands in the world.”