The L’Occitane Group is acquiring an 83% stake in US beauty brand Sol de Janeiro, based on a valuation of US$450 million.
Co-founded in 2015 by current CEO Heela Yang after spending time in Brazil with her Japanese-Brazilian husband, Sol de Janeiro had about US$60 million in net sales is 2020, selling both directly to consumers through its website and through various premium retailers across the globe.
Heela Yang took inspiration in the way Brazilian women love and take care of their body and are very confident about it. She created a very sensual line of products with very strong fragrances and colorful packaging. The brand’s first product, the Brazilian Bum Bum Cream, became the Sephora’s best-selling skin care cream a few month after its launch in the US.
Heela Yang, views L’Occitane as uniquely positioned to accelerate the brand’s growth trajectory, while gaining R&D capabilities and strengthening the brand’s commitment to sustainability.
L’Occitane said they want to allow the Sol de Janeiro brand vision and team to remain intact, with Heela Yang remaining in her role as CEO. However, they intend to leverage their international presence to expand the brand into new and existing markets. “Sol de Janeiro has enormous potential for growth in new and existing markets and channels around the world,” commented André Hoffmann, Vice-Chairman & Chief Executive Officer of L’Occitane.
Since mid 2019, Sol de Janeiro had been backed by Prelude Growth Partners, a private equity fund acting as the only institutional investor.