L’Occitane International S.A. entered into a definitive agreement to acquire Elemis for $900 million in cash from Steiner Leisure Limited, a portfolio company of L Catterton, with its biggest deal on record.
Founded in 1990 by Sean Harrington, Noella Gabriel, and Oriele Frank, Elemis the brand has been founder led and a pioneer in the beauty space since the launch. The brand specializes in skin treatments and formulations. Elemis capitalizes on its five strategic distribution channels with 1,600 points of distribution across digital, retail distribution, QVC, professional spa, and maritime to drive awareness, trial, conversion, and retention across the omni-channel. According to WWD, Elemis’ growth has come from the US market with Ulta Beauty, and the UK.
This acquisition rounds out the L’Occitane profile, which consists of flagship brand L’Occitane en Provence; Melvita; Erborian; L’Occitane au Brésil, and LimeLife, and bolsters its focus on skincare. Bloomberg predicts L’Occitane is likely to reach its 1.7 billion euro ($1.95 billion) sales target in two years, using a launch of exclusive items for China, Hong Kong, and the US to drive revenue.
Reinold Geiger, Chairman and Chief Executive Officer 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 for 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.”
Photo: via Elemis