L’Occitane International SA, luxury cosmetics brand, has bought skincare brand Elemis for $900 million, as they attempt to expand in the U.S. and U.K. with its biggest deal to date.
L’Occitane agreed to buy Elemis from Steiner Leisure Ltd., and the deal is the latest in a slew of acquisitions of luxury skincare brands, with an increased demand for natural beauty products in Asia.
L’Occitane has plans to bring the Elemis label into new markets, and they hope the deal will help with global growth. The brand is particularly popular among millennial and Generation X consumers.
“It is a major step forward for L’Occitane in building a leading portfolio of premium beauty brands,” Chief Executive Officer Reinold Geiger said in a statement. “Elemis is well positioned for continued global growth.”
The deal is L’Occitane’s largest one on record, and follows Natura Cosmeticos SA’s purchase of Body Shop from L’Oreal for about 1 billion euros in 2017.
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