L’Occitane International yesterday announced its acquisition of a majority control in Australian cosmeceutical, clean skincare brand, Grown Alchemist, for €5.03 million.
L’Occitane International said that the brand, founded in 2008, has rapidly developed a global following drawn by its focus on futuristic anti-aging technology and unique botanical skincare formulas for optimal skin health.
The Group will acquire 49.24% of the equity interest (representing 76.18% of voting rights) in 14 Groupe, which in turn holds 65% equity interest and voting rights in Grown Alchemist.
L’Occitane International said that the company’s second brand acquisition in FY2022 signals a strong intent to strategically expand its premium beauty portfolio. Last December, the group acquired an 82.86% holding in Sol de Janeiro.
Upon closing, Grown Alchemist will become a non-wholly owned subsidiary and its financials will be consolidated into the Group.
L’Occitane said that as a creator of high-performance, results-driven natural skincare products, led by a dynamic entrepreneurial management team, Grown Alchemist is perfectly aligned with the Group’s values and philosophy.
“Its product range, which extends to nutricosmetics and body and haircare products, is also synergistic with the Group’s support and commitment of sustainable sourcing, respecting natural biodiversity and reducing waste,” the company added.
“As the Group becomes more proactive and strategic in adding both new and established premium beauty brands to its portfolio, it is accelerating its growth path to becoming a truly global, multi-brand group. It is also moving resolutely to become a business that is more geographically-balanced and appealing to health-conscious consumers and influential Millennial and Gen Z customers.”
In line with other recent brand acquisitions, L’Occitane said that it will support and share its expertise with Grown Alchemist while granting the co-founders autonomy to lead and drive growth and retain ownership in the company. Accordingly, the Group believes Grown Alchemist will be accretive to its global sales and profits going forward.
L’Occitane Vice-Chairman & Chief Executive Officer André Hoffmann said, “We are thrilled to be supporting and nurturing this ground-breaking, natural cosmeceutical brand that fully encapsulates L’Occitane’s entrepreneurial spirit. With a unique and inspiring brand story and global fan base, Grown Alchemist is poised for international scalability and rapid growth while immediately broadening our international customer profile and market reach.”
Grown Alchemist Co-founders Jeremy and Keston Muijs said, “We couldn’t be more excited to embark on the next stage of Grown Alchemist’s journey together with L’Occitane, a partner with strong brand building and omnichannel expertise that will help us grow our community of health conscious customers globally.”
L’Occitane International has over 3,000 retail outlets, including approximately 1,500 owned stores, and is present in 90 countries. Its brand portfolio embraces L’OCCITANE en Provence, Melvita, Erborian, L’OCCITANE au Brésil, LimeLife by Alcone, Elemis and Sol de Janeiro.
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