Beauty group L'Occitane International SA has agreed to buy British premium skincare brand Elemis for $US900 million.
The deal is said to be a major step for the former, a Hong Kong-listed company that is looking to build a group of premium beauty brands. Already in its portfolio is flagship brand L’Occitane en Provence as well as Melvita, Erborian, L’Occitane au Brésil and LimeLife. For Elemis, the acquisition will help it expand in new markets – particularly Asia – according to Bloomberg.
“This is L’Occitane’s largest acquisition since listing [on the Hong Kong Stock Exchange] and a major step forward in building a group of premium beauty brands,” L’Occitane chairman and chief executive officer Reinold Geiger said, adding that Elemis had “enormous growth potential in untouched markets and channels, particularly in Asia-Pacific, where we have a strong presence," as quoted by WWD.
Elemis was founded in the UK in 1990 where is continues to see success. In Australia it is currently available to buy in Mecca.
