In a move that marks the Group’s second brand acquisition in less than 6 months, after Sol de Janeiro last November, the L’Occitane group has acquired a majority control in Australian cosmeceutical, clean skincare brand, Grown Alchemist.
According to the terms of the agreement, L’Occitane will acquire 49.24% of Grown Alchemist’s shares (representing 76.18% of the voting rights). The consideration of the acquisition is EUR 5.03 million. Upon closing, Grown Alchemist will become a non-wholly owned subsidiary of L’Occitane and its financials will be consolidated into the group.
Founded by Jeremy and Keston Muijs in 2008, Grown Alchemist creates and markets results-driven natural skincare products. Over the years, the brand successfully developed a global following with its focus on futuristic anti-aging technology and botanical skincare formulas. Its product range also includes nutricosmetics and body and haircare products.
L’Occitane will aim to further broaden the brand’s international consumer profile and market reach. “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,” said André Hoffmann, Vice-Chairman & Chief Executive Officer of L’Occitane, in a statement.
L’Occitane said it intends to support and share its expertise with Grown Alchemist while granting its co-founders the autonomy to lead and drive growth and retain ownership in the company. A strategy in line with the group’s previous acquisitions.
The group recently became more proactive and strategic in adding both new and established premium beauty brands to its portfolio, with the aim to becoming “a truly global, multi- brand group” and to become a more geographically-balanced business, and appealing to health-conscious consumers and influential Millennial and Gen Z customers.