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L’Occitane in $900 million acquisition of natural skincare brand

L'Occitane International S.A. has made a big bit on a luxury British skincare brand in what it is its largest acquisition to date.

L’Occitane said 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, which is owned by private equity firm L Catterton. The transaction is expected to close in the first quarter of 2019.

Founder-led since 1990, Elemis is the number one independent British skincare brand and enjoys a strong following among millennials and Gen Z consumers. It is available at over 1,600 spas, salons, stores and multiple e-retailers worldwide. And is also sold on QVC.

"We are pleased to welcome the Elemis business, brand and people to the L’Occitane family,” said CEO. “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."

L'Occitane has more than 3,000 retail outlets, including over 1,500 owned stores, and is present in 90 countries.
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