Key Takeaways
- • L'Occitane is selling the British skincare brand Elemis to the French investment fund PAI Partners, with completion expected in the first quarter of 2027, subject to regulatory approvals, according to a press release.
- • L'Occitane acquired Elemis in 2019 for $900 million (€785 million); the sale price has not been disclosed.
- • Elemis has nearly doubled its net sales under L'Occitane, which now exceed $300 million, with around half of revenue generated in the United States and nearly half generated online.
- • PAI Partners intends to accelerate Elemis's growth in the United States and expand its online business while preserving its British identity.
- • L'Occitane group generated €2.8 billion in net revenue in fiscal 2024–2025, up 12% year-on-year at constant exchange rates.
Summary
L'Occitane announced on Wednesday, November 4, 2026, that it will sell Elemis, the British premium skincare brand founded in 1989, to the French investment fund PAI Partners, according to an AFP report. The transaction value has not been disclosed. The deal is expected to close in the first quarter of 2027, subject to customary regulatory approvals, per the press release.
L'Occitane acquired Elemis in 2019 for $900 million (€785 million), its largest acquisition in company history. According to the press release, the brand has almost doubled its net sales during its time within the group, which now exceed $300 million. Elemis generates nearly half of its revenue online and achieves around half of its net sales in the United States, where it reports rapid growth.
L'Occitane CEO Reinold Geiger, who owns the group through his Austrian billionaire holding, praised the brand's "special role" in the group's history and described the transaction as reflecting "rigorous portfolio management focused on creating long-term value." L'Occitane's portfolio also includes L'Occitane en Provence, the French brand Melvita, and the Korean line Erborian.
PAI Partners partners Gaëlle d'Engremont and Colm O'Sullivan said they were "eager" to support the "next phase" of Elemis's development, with the ambition of accelerating US growth and expanding its online business while "preserving its distinctive British identity."
For context, L'Occitane reported net revenue of €2.8 billion worldwide in the 2024–2025 financial year, which ended March 31, 2025, up 12% year-on-year at constant exchange rates. The group delisted from the Hong Kong Stock Exchange in 2024, after Geiger bought back all outstanding shares.
L'Occitane acquired Elemis in 2019 for $900 million (€785 million), its largest acquisition in company history. According to the press release, the brand has almost doubled its net sales during its time within the group, which now exceed $300 million. Elemis generates nearly half of its revenue online and achieves around half of its net sales in the United States, where it reports rapid growth.
L'Occitane CEO Reinold Geiger, who owns the group through his Austrian billionaire holding, praised the brand's "special role" in the group's history and described the transaction as reflecting "rigorous portfolio management focused on creating long-term value." L'Occitane's portfolio also includes L'Occitane en Provence, the French brand Melvita, and the Korean line Erborian.
PAI Partners partners Gaëlle d'Engremont and Colm O'Sullivan said they were "eager" to support the "next phase" of Elemis's development, with the ambition of accelerating US growth and expanding its online business while "preserving its distinctive British identity."
For context, L'Occitane reported net revenue of €2.8 billion worldwide in the 2024–2025 financial year, which ended March 31, 2025, up 12% year-on-year at constant exchange rates. The group delisted from the Hong Kong Stock Exchange in 2024, after Geiger bought back all outstanding shares.
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