French manufacturer and distributor of cosmetics L’Occitane has selected Hong Kong for its first initial public offering (IPO). The company’s goal is to raise about US$ 700 million in order to fuel its expansion in Asia.
According to the Financial Times, L’Occitane is preparing its IPO to the Hong Kong Stock Exchange for the next month. The company, whose sales in Asia account for almost half of its total turnover, wants to increase its capital to expand its stores in the region.
Founded in 1976 by Olivier Baussan, L’Occitane has been directed by Reinold Geiger since 1995. Mr Geiger holds 52% of the company’s stake. L’Occitane has 1,300 stores in 85 countries and generates 75% of its sales outside Europe.