Australian natural beauty brand, Grown Alchemist has been sold, marking the second time it has changed hands in two years.
French beauty company, the L'Occitane Group acquired Grown Alchemist in 2022, as reported by BD here.
L'Occitane sold its majority stake to its outgoing chief executive officer, Andre Hoffman for €28 million.
Hoffmann, who stepped down as CEO of the L'Occitane Group in January, will own the majority stake, and Grown Alchemist CEO, Anna Teal has been named a minority shareholder.
"We see this acquisition of Grown Alchemist as an opportunity to accelerate brand growth, as we gain more strategic flexibility and autonomy outside of a listed group," said Teal.
"We are appreciative to the group for their open-mindedness and support for this transition in line with growth strategies of both parties involved."
Grown Alchemist in a statement said that it will now focus on "large scale activations" in lifestyle, music and retail.
