L’Occitane is selling British skincare brand Elemis, a premium British skincare brand established in 1989, to French private equity firm PAI Partners, which plans to accelerate the brand’s growth in the United States, both companies announced on November 4.

The transaction, the financial terms of which have not been disclosed, is expected to close in the first quarter of 2027, subject to customary regulatory approvals, according to a press release.

Founded in 1976 in Manosque, southeastern France, L’Occitane acquired Elemis in 2019 for USD 900 million (EUR 785 million). It was then the largest acquisition in the history of the group owned by Austrian billionaire Reinold Geiger.

During its seven years under L’Occitane ownership, Elemis has “almost doubled its net sales”, which now exceed USD 300 million, according to the press release. The brand generates nearly half of its revenue online and has recorded rapid growth in the United States, which accounts for approximately half of its net sales.

L’Occitane CEO Reinold Geiger highlighted the “special role” Elemis has played in the group’s history. The group’s portfolio also includes L’Occitane en Provence, French skincare brand Melvita, Korean skincare brand Erborian and Brazilian-inspired brand Sol de Janeiro.

“This transaction reflects a disciplined portfolio decision, focused on creating long-term value for the Group,” he said.

PAI’s partners Gaëlle d’Engremont and Colm O’Sullivan said they were looking forward to supporting Elemis through its “next phase” of development. Their priorities include accelerating growth in the United States and expanding online sales while “preserving its distinctive British identity”.

According to its latest published results, the L’Occitane Group generated EUR 2.8 billion in global net sales in the 2024–2025 financial year, ended March 31, 2025, representing a 12% increase year-on-year at constant exchange rates.

L’Occitane delisted from the Hong Kong Stock Exchange in 2024, having been listed there since 2010, after Geiger bought back all outstanding shares.