French skincare brand L'Occitane is set to acquire Elemis for $900 million.
The deal, expected to complete in the first quarter of 2019, sees skincare brand Elemis being bought from Steiner Leisure, a portfolio company of the private equity firm L Catterton, which acquired Elemis in 2015.
Founded in 1990 by chief executive Sean Harrington and fellow directors Noella Gabriel and Oriele Frank, Elemis is available at more than 1,600 spas, salons, stores and e-retailers worldwide and is known for ranges including the Pro Collagen and Superfoods lines.
L'Occitane chairman and chief executive, Reinold Geigersaid, says: “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 and award-winning product portfolio. We have long admired Elemis for their commitment to natural ingredients and scientific innovation.”
Sean Harrington says the agreement will strengthen Elemis’ continued growth and momentum. “Reinold Geiger has a strong history of developing and supporting brands like ours that are creating products sourced from nature, developed through cutting-edge science and technology. I am confident that through this transaction, we can continue to realise our mission of delivering extraordinary products and experiences and grow Elemis into one of the leading skincare brands in the world.”
L'Occitane International owns five brands: L'Occitane en Provence, Melvita, Erborian, L'Occitane au Brésil and LimeLife by Alcone, and has more than 3,000 retail outlets, including over 1,500 owned stores, across 90 countries.
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