Sol de Janeiro sold an 83% stake to L'Occitane in a transaction that values the company at $450 million. The remaining percentage will be owned by founder and Chief Executive Officer Heela Yang, who will continue to lead the business.
WHO: Founded in the US in 2015 by Heela Yang, Sol de Janeiro is a results-driven premium body care brand born from an authentic Brazilian philosophy of celebration and joy. Sol de Janeiro is one of the fastest-growing premium skincare brands in North America, with cross-category success across body care, fragrance, and haircare products. It sells both directly to consumers through its website and through various premium retailers across the globe.
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 six brands: L'Occitane en Provence, Melvita, Erborian, L'Occitane au Brésil, LimeLife by Alcone, and Elemis.
WHY: The deal with the US-based digitally native brand supports L'Occitane's vision of building a portfolio of strong brands in all major geographic regions. L'Occitane will further expand the brand’s global footprint through its distribution network, and accelerate product development and R&D.
IN THEIR OWN WORDS: Heela Yang will remain in her role as CEO, rolling over a significant amount of her equity to continue to drive growth. She said, "My commitment to growing Sol de Janeiro and leading the team I worked hard to build remains unwavering, and I am very excited about continuing the entrepreneurial culture of the company with L'Occitane, as a strategic partner."
André Hoffmann, Vice Chairman & Chief Executive Officer of L'Occitane, said, "Sol de Janeiro aligns squarely with our vision to accelerate growth and create value through strategic partnerships. With a compelling brand story and an experienced and entrepreneurial management team, Sol de Janeiro reflects our values and premium beauty image. It has enormous potential for growth in new and existing markets and channels around the world."
“Prelude Growth Partners has been an exceptional partner," said Heela Yang, co-founder and CEO, Sol de Janeiro. "As entrepreneurs themselves, Prelude Growth Partners really understood us. Their partnership approach and shared commitment to our vision was invaluable as we dramatically scaled our business, both in terms of product line and reach. Following two years of significant growth, we are ready to take our business to the next level and look forward to entering that chapter with L'Occitane.”
“It has been a privilege to support Sol de Janeiro to become a leading lifestyle skincare brand," said Alicia Sontag, co-founder and Managing Partner at Prelude Growth Partners. "Born from an authentic Brazilian philosophy of self-love and joy, Sol de Janeiro delivers exceptional, iconic products to an ever-growing set of passionate consumers. We are proud to have played an integral role in the Company's growth story over the past several years and are thrilled for Sol de Janeiro to become part of the L'Occitane family.”
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