L'Occitane Group has announced the sale of Elemis to the French fund PAI Partners. According to Premium Beauty News, both companies communicated this on November 4. The outlet adds that the financial terms have not been made public and that, according to the statement, the closing is expected in the first quarter of 2027, subject to customary regulatory approvals.
Seven years as part of the group
L'Occitane acquired Elemis in 2019 for 900 million dollars (785 million euros) from Steiner Leisure, a company participated by L Catterton, according to the French outlet Premium Beauty News. The brand has almost doubled its net sales since then and now exceeds 300 million dollars. About half of its revenue comes from online channels, and the United States accounts for approximately another 50% of sales.
L'Occitane Chairman Reinold Geiger highlighted Elemis's special role in the group's history and described the operation as a disciplined portfolio management decision, aimed at creating long-term value. PAI partners Gaëlle d'Engremont and Colm O'Sullivan indicated that their priorities are to accelerate growth in the US and expand online sales, while preserving the brand's British identity.
The sale was neither a surprise nor a sudden decision. The Industry Beauty reported in February that the brand might be for sale, following the departure of co-founder Oriele Frank. In July, it reported that the process was nearing its end, citing Business of Fashion, and that PAI was in exclusive negotiations, according to WWD. That same outlet recalled that L'Occitane had hired Morgan Stanley and that, according to Axios, it was seeking a price slightly below 1 billion dollars.
Elemis expects growth in 2026
According to TheIndustry.beauty, the sale documentation projected sales of 339 million dollars this year, compared to 306 million in 2025. It also aimed to exceed 775 million in five years, supported by the US, Europe, the Middle East, China, and the body care category. CEO Noella Gabriel, co-founder of the brand, took office in November 2025.