To start off 2019, French beauty retailer, L’Occitane, and British luxury skincare brand, Elemis, have entered into an acquisition agreement where L’Occitane is set to purchase Elemis for $900million from Steiner Leisure Limited (part of the L Catteron company). This business deal is expected to close in the first quarter of 2019.
Founded by Sean Harrington, Noella Gabriel and Oriele Frank in 1990, Elemis specialises in ground-breaking skincare treatments and pioneering formulations, with their products being available in over 1600 independent spas and salons across the globe, as well as numerous distribution channels.
“We are pleased to welcome the Elemis business, brand, and people to the L’Occitane family,” said Reinold Geiger, chairman and CEO of L’Occitane. “It is a major step forward for L’Occitane in building a leading portfolio of premium 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 strategy.”
Co-Founder and CEO of Elemis, Sean Harrington, added: “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.
“With Reinold Geiger’s 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.”