French skincare brand L’Occitane International will acquire British skincare brand Elemis for US$900m in cash, in a deal expected to close in the first quarter of 2019. Elemis is being sold by Steiner Leisure Limited, a portfolio company of private equity firm L Catterton.
Reinold Geiger, chair and CEO of L’Occitane, called the deal 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,” Geiger said. “We have long admired Elemis for their commitment to natural ingredients and scientific innovation, and we look forward to utilising our expertise in the category to expand the brand's footprint around the world."
Sean Harrington, co-founder and CEO of Elemis, said 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 and developed through cutting-edge science and technology,” Harrington said. “With his inspiring and entrepreneurial leadership, 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 Catterton acquired Steiner
– whose portfolio at the time included skin- and hair-care brands Elemis, La Thérapie, Bliss, Remède, Laboratoire Remède and Jou brands, as well as 200 day spas and spas-at-sea – in 2015 a deal valued at US$925m.
L Catterton also recently sold off One Spa World
, its spa at-sea division, in November, in a deal worth US$948m.
L'Occitane has more than 3,000 retail outlets, including over 1,500 owned stores, and is present in 90 countries.
Launched in 1990 by co-founders, Sean Harrington, Noella Gabriel and Oriele Frank, Elemis is available at more than 1,600 spas, salons, stores and e-retailers worldwide.