Skincare brand Elemis to be sold to L'Occitane
Skin and spa brand Elemis is to be sold to L'Occitane, in a deal said to be worth $900 million.
Natural cosmetics brand L'Occitane are set to acquire the Elemis brand from Steiner Leisure Limited, a portfolio company of consumer-focused private equity firm, L Catterton.
Commenting on the acquisition, Reinold Geiger, Chairman and Chief Executive Officer of L'Occitane says:
"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."
Sean Harrington, Co-Founder and Chief Executive Officer of Elemis, adds:
"We are thrilled to announce this agreement with L'Occitane, which will strengthen the continued growth and momentum behind our timeless brand and remarkably transformative products. 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. With his inspiring and entrepreneurial leadership, I am confident that through this transaction, we can continue to realize our mission of delivering extraordinary products and experiences and grow Elemis into one of the leading skincare brands in the world."
Avik Pramanik, Partner of L Catterton, praised Elemis' founders in establishing the premium skincare brand more than two decades ago, saying:
"For over 25 years, Elemis co-founders Sean Harrington, Noella Gabriel and Oriele Frank have committed their life's work to building a brand with the power to span across categories, geographies and generations. We at L Catterton are proud to have been partners with the founders on this remarkable journey over the past three years. We look forward to seeing Elemis continue to flourish with the global support of the L'Occitane Group for years to come.”
The takeover is expected to close in the first quarter of 2019.