2 minutes
L'Occitane International takes control of holistic cosmetics brand Grown Alchemist
Cosmetics group L'Occitane International has announced the acquisition of a majority stake in Grown Alchemist, an Australian holistic cosmetics brand founded in Melbourne in 2008. Grown Alchemist's founders Jeremy and Keston Muijs will retain operational control, while L'Occitane will bolster the brand through its industry expertise, while notably targeting Gen Y and Z consumers.
L’Occitane International intends to become a leading global multi-brand player in the sector, and its strategy is to gradually broaden its portfolio by acquiring both emerging and well-established brands. Grown Alchemist’s attention to health issues is what reportedly prompted L'Occitane to invest in the brand, as a means for the group to draw closer to a younger generation of consumers who are sensitive to health and ethical concerns.
“We are delighted to be supporting and developing this revolutionary brand of natural cosmeceutical products, which embodies our group's entrepreneurial spirit,” said André Hoffmann, vice-president and CEO of L'Occitane International. “With its history as a unique, inspirational brand and its international fan base, Grown Alchemist is ready to expand overseas and to enjoy rapid growth,” he added.
Grown Alchemist’s range includes facial skincare, body care and haircare products. The brand relies on teams of specialist chemists based in Australia, as well as in London, Paris, Switzerland and Spain. In November 2020, Grown Alchemist opened a flagship store in Melbourne.
Grown Alchemist adds to L'Occitane International’s extensive brand portfolio, which includes Melvita, Erborian, Limelife by Alcone, Elemis, Sol de Janeiro and L'Occitane en Provence. The group has been hit hard by the impact of the Covid-19 pandemic. In the fiscal year closed at the end of March 2021, L’Occitane International recorded net sales worth €1.53 billion, down from €1.64 billion a year earlier, and a net income of €220.2 million.
At the peak of the crisis, L’Occitane International was forced to close 75% of its 1,569 stores around the world, distributed across 60 countries. In October 2020, the group, which is listed on the Hong Kong stock exchange, announced a restructuring plan involving the dismissal of approximately 300 of its 9,000 employees worldwide.
Copyright © 2024 FashionNetwork.com All rights reserved.
