L'Occitane International S.A. has entered into a definitive agreement to acquire Elemis, the number one luxury British skincare brand, for $900 million in cash.
Elemis is being sold by Steiner Leisure Limited, a portfolio company of L Catterton.
Founder-led since 1990, Elemis offers four award-winning skincare franchises, while capitalizing on its five strategic distribution channels – digital, retail distribution1, QVC, professional spa and maritime.
Reinold Geiger, chairman and chief executive officer of L'Occitane said, "We are pleased to welcome the Elemis business, brand and people to the L'Occitane family. It is a major step forward for us in building a leading portfolio of premium beauty brands."
Geiger continues, 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 the company for its 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, says, "We are thrilled...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, 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."
Marc Magliacano, managing partner of L Catterton's Flagship Buyout Fund, adds, "Over decades, Elemis has built an enduring and truly unique brand with powerful consumer appeal across generations, a relentless focus on innovation and an unwavering commitment to high quality sourced ingredients...This transaction represents a terrific outcome for Elemis and L Catterton, and we are confident that Elemis will thrive and reach new heights in partnership with L'Occitane."
The transaction is expected to close in the first quarter of 2019.