L’Occitane International SA said Jan. 13 that it agreed to buy ELEMIS for $900 million. ELEMIS is owned by Steiner Leisure Ltd, a portfolio company of L Catterton. ELEMIS is a British skincare brand. Jefferies and Nomura provided financial advice to ELEMIS, and Kirkland & Ellis served as legal adviser.
PRESS RELEASE
Geneva and Paris and London and New York – January 13, 2019 – L’Occitane International S.A. (“L’OCCITANE” or the “Group”; SEHK stock code: 973), the leading manufacturer and retailer of natural cosmetics with a portfolio of premium beauty brands, today announced that it 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 (“Steiner”), a portfolio company of L Catterton, the largest and most global consumer-focused private equity firm.
Founder-led since 1990, ELEMIS is a world leader in prestige skincare and is the number one independent British skincare brand. ELEMIS’ products garner strong cross-generational consumer appeal, with a proven ability to attract Millennials while maintaining loyal Gen X and Baby Boomer consumers. ELEMIS offers four award-winning skincare franchises that mirror the consumer journey and harness the power of the most efficacious natural ingredients and latest in scientific innovation. ELEMIS capitalizes on its five strategic distribution channels – digital, retail distribution[1], QVC, professional spa and maritime – to drive awareness, trial, conversion and retention across the omni-channel.
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 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.”
“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,” said Sean Harrington, Co-Founder and Chief Executive Officer of ELEMIS. “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.”
Marc Magliacano, Managing Partner of L Catterton’s Flagship Buyout Fund, said, “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. Since partnering with Steiner Leisure in 2015, we have worked alongside ELEMIS’ talented management team to invest in its innovation capabilities, expand its product assortment and evolve its go-to-market strategy with the ultimate goal of appealing to a wider consumer audience. 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.”
“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,” said Avik Pramanik, Partner of L Catterton.
The transaction is expected to close in the first quarter of 2019.
Jefferies and Nomura acted as financial advisors to ELEMIS, and Kirkland & Ellis served as legal advisor.
About L’Occitane International S.A.
L’Occitane International S.A. is an international group that manufactures and retails beauty and well-being products that are rich in natural and organic ingredients. A global leader in the premium beauty market, the Group has more than 3,000 retail outlets, including over 1,500 owned stores, and is present in 90 countries. Through its five brands – L’OCCITANE en Provence, Melvita, Erborian, L’OCCITANE au Brésil and LimeLife by Alcone – the Group offers new and extraordinary beauty experiences, using high quality products that respect nature, the environment and the people who surround it.
For more information: https://group.loccitane.com/
About ELEMIS
The number one luxury British skincare brand that harnesses the power of the most efficacious natural ingredients and latest in scientific innovation. ELEMIS’ pioneering skincare products and treatments have transformed the frontline of the beauty industry. The masterful hands of ELEMIS therapists touch over six and a half million clients a year and continues to innovate award-winning formulations. ELEMIS is available at over 1600 spas, salons, stores and multiple e-retailers worldwide. ELEMIS was launched in 1990 and is headquartered in London. For more information visit www.elemis.com.
About L Catterton
With over $15 billion of equity capital across six fund strategies in 17 offices globally, LCatterton is the largest consumer-focused private equity firm in the world. L Catterton’s team of more than 150 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit lcatterton.com.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: subscriptions@peimedia.com.