22.3 C
Sunday, April 14, 2024

L’Occitane divests its stake in cosmetics brand Grown Alchemist

Must read

Translated by



Apr 2, 2024

Two years after acquiring a stake in Grown Alchemist, L’Occitane Group, known for its portfolio including brands like L’Occitane en Provence, Melvita, and Sol de Janeiro, is divesting its majority stake in the Australian cosmetics brand founded in 2008 in Melbourne to private investors.

Grown Alchemist – DR

“In light of changing economic and market conditions, as well as the growth of the other brands within its portfolio, L’Occitane is adjusting its strategy. This divestment will enable it to focus on its flagship brand, L’Occitane en Provence, and accelerate the growth of its other brands in order to improve overall financial performance,” L’Occitane stated in a financial release.

André Hoffmann, former CEO of L’Occitane and current board member, has acquired a majority stake in Grown Alchemist, while Anna Teal, the current CEO of the brand, becomes a minority shareholder. The transaction is valued at 28 million euros.

With this divestiture, Grown Alchemist will gain more autonomy and flexibility. The brand, now headquartered in London, is available in over 40 countries and through retailers such as Sephora, Credo Beauty, as well as spas and hotels.

For the first nine months of its 2023/24 fiscal year ending on December 3, 2023, L’Occitane reported sales of 1.9 billion euros, marking an 18.9% increase (24.8% at constant exchange rates).

Copyright © 2024 FashionNetwork.com All rights reserved.

Source link

- Advertisement -spot_img

More articles

- Advertisement -

Latest articles