Biologique Recherche, the French professional skincare brand known for its clinical, spa-led model, is exploring a potential sale, according to sources familiar with the matter.
Investment banks have begun pitching the Paris-based company and holding early-stage discussions around a potential transaction, the sources said. The company was founded in the late 1970s by biologist Yvan Allouche and physiotherapist Josette Allouche, both of whom are now deceased. Currently co-owned by its former longtime presidents, Pierre-Louis Delapalme and Rupert Schmid, the brand is targeting strategic buyers including Clarins, L’Oréal, Unilever, Estée Lauder, Beiersdorf and Galderma, the sources added.
The sale process also involves the family offices backing Biologique Recherche, which are seeking to exit before the business grows too large to appeal to major beauty groups, the sources said. In 2019, the Van Rappard, Christopher Descours, and Albert Frère family offices, along with Peter Brabeck-Letmathe, former Chief Executive of Nestlé and chairman of Biologique Recherche’s board, took stakes in the company.
Biologique Recherche, once described as “the Hermès of skincare,” generates around €150 million ($175 million) in annual sales despite its limited presence, with earnings before interest, taxes, depreciation, and margins of around 30%, one of the sources said.
About three years ago, the company also explored a potential sale, when margins were around 40% to 45%, but ultimately opted to bring in a new leadership team, another source said. The business is now estimated to be worth between €400 million ($470 million) and €500 million ($587 million).
Since then, it has expanded into high-end department stores such as Bloomingdale's across the US and Le Bon Marché in Paris, increasing its cost base as it seeks to position the brand for a broader audience.
Biologique Recherche wasn’t immediately available for comment.
The renewed discussions come roughly two years after Delapalme and Schmid stepped down from their top positions after taking over the brand nearly 20 years ago.
In 2024, Biologique Recherche named Jean-Guillaume Trottier, a longtime veteran of Estée Lauder, as its CEO. Before joining the company, Trottier oversaw niche perfume brand Jo Malone London and French skincare label Darphin Paris at the American beauty conglomerate. Since around the time of his appointment, Delapalme and Schmid have served as Co-Vice Chairmen of the board.
A year later, the company appointed Valérie Bron as Chief Financial Officer. She brings more than 20 years of experience across luxury and beauty groups including L'Oréal, Richemont and Coty. "Following a leadership transition, I support the CEO and shareholders in strengthening financial governance, professionalizing the organization and preparing the company for its next phase of value creation," she wrote on her LinkedIn.
The sale process is unfolding at a time when clinical and medical skincare brands are gaining traction with consumers amid a surge in aesthetic procedures. Estée Lauder recently announced a minority stake in luxury clinical skincare brand 111Skin, while L'Oréal acquired roughly a 20% stake in Swiss dermatology group Galderma for about €4 billion ($4.65 billion).
“Skincare is entering a new phase, shaped by the convergence of procedures, longevity, and beauty, as consumers increasingly seek products that deliver visible, treatment-inspired results,” Estée Lauder’s CEO Stéphane de La Faverie said Wednesday about the 111Skin investment.
Biologique Recherche is sold in approximately 80 countries, including China, according to its website. Unlike digitally driven beauty brands, it has largely stayed within high-end spas and treatment centers, scaling its presence by training practitioners in its protocols rather than broad retail rollouts. The company also operates its own luxury spas, which it calls “Ambassades,” in cities including Paris, Milan, and Los Angeles.
Its products are priced between €40 ($47) and €550 ($664). While skincare remains at the core of its positioning, Biologique Recherche expanded into haircare in the second half of 2024 with a line focused on scalp health and hair vitality.
Its push into hospitality through luxury hotels has been gradual. “The initial plan was for the brand to only be available in spas, not necessarily hotels,” Delapalme said in an interview in 2024. “Then, thirteen years ago, the team at the Four Seasons in Hong Kong and The Peninsula in New York reached out to us. We discovered we share many values with hospitality brands.”
Most recently, Four Seasons said that the reopening of its resort in Formentor, on the Spanish island of Mallorca, will include Biologique Recherche as one of its “cutting-edge brands.”
Biologique Recherche emphasizes its French manufacturing credentials, with 100% of its products developed in-house, according to French cosmetics hub Cosmetics Valley.
Looking ahead, the brand has emphasized long-term continuity over rapid expansion.
“Today, it’s all about the short term, but we envision Biologique Recherche fifty years from now so it can still thrive without us,” Schmid added in the 2024 interview as he and Delapalme handed over the reins of Biologique Recherche to Trottier. “We aim to bring a plus in terms of results and a wellness feeling.”
A potential sale could put Biologique Recherche’s long-held philosophy over its tightly controlled distribution to the test.
