French luxury beauty group L'Occitane Group has acquired a majority stake in Australian holistic beauty brand Grown Alchemist.

WHO: Australian cosmeceutical clean skincare brand Grown Alchemist, co-founded in 2008 by Melbourne brothers Jeremy and Keston Muijs, has fast developed a global following with its focus on futuristic anti-aging technology and unique botanical skincare formulas for optimal skin health.

L'Occitane International S.A. manufactures and retails beauty and well-being products that are rich in natural and organic ingredients. A global leader in the premium beauty market, the group has more than 3,000 retail outlets, including approximately 1,500 owned stores, and is present in 90 countries. The group has a portfolio of brands that includes: L'Occitane en Provence, Melvita, Erborian, L'Occitane au Brésil, LimeLife by Alcone, Elemis, Sol de Janeiro, and Duolab.

WHY: As a creator of high-performance, results-driven natural skincare products, led by a dynamic entrepreneurial management team, Grown Alchemist is perfectly aligned with the philosophy of the L'Occitane Group. The Australian clean beauty brand, whose product range extends to nutricosmetics and body and haircare products, is also synergistic with the Group in its support of sustainable sourcing, respecting natural biodiversity, and reducing waste. L'Occitane continues to expand its portfolio to include new and established premium beauty brands such as Grown Alchemist to accelerate its growth path to becoming a truly global, multi-brand group.

IN THEIR OWN WORDS: Jeremy and Keston Muijs, co-founders of Grown Alchemist, said, "We couldn't be more excited to embark on the next stage of Grown Alchemist's journey together with the L'Occitane Group, a partner with strong brand building and omnichannel expertise that will help us grow our community of health-conscious customers globally."

André Hoffmann, Vice-Chairman & CEO of the L'Occitane Group, said, "We are thrilled to support and nurture this ground-breaking, natural cosmeceutical brand, which encapsulates the entrepreneurial spirit of our group. With a unique and inspiring brand story and international fan base, Grown Alchemist is poised for international scalability and rapid growth."

DETAILS: 

• The terms of the deal were not disclosed.
• WWD reported industry sources said the purchase price was in excess of 50 million Australian dollars, or $37.4 million at current exchange rates.
• The brand has had a compound annual growth rate of 30% over the past five years. 
• The Group will support and share its expertise with Grown Alchemist while offering the co-founders the autonomy to lead and drive the business and to retain a share in the company. 
• The brand opened a flagship store in Melbourne in November 2020, and is gearing for the next phase of its journey with a full-scale omnichannel presence to further augment global sales. 
• In 2019, L'Occitane acquired professional skincare brand Elemis for $900 million.
• In November 2021, the company acquired an 83% stake in Sol de Janeiro. 
• The sale was negotiated by boutique investment bank Lempriere Wells.