PARIS – British premium skin care brand Elemis is being acquired by PAI Partners from L’Occitane Group.
The news confirms a report published by WWD on July 30.
It is expected the deal, financial terms of which were not disclosed, will be sealed in the first quarter of 2027.
Elemis, which was founded in 1989, has nearly doubled net sales under L’Occitane’s seven-year ownership to more than $300 million in full-year 2026.
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L’Occitane acquire Elemis in January 2019 for $900 million.
“Elemis has played a special role in the history of our group,” said Reinold Geiger, chairman and chief executive officer of L’Occitane Group, in a statement released Wednesday. “As our first major acquisition, it marked an important step in our evolution as a true multibrand group.
“I am grateful for everything they have contributed and proud of the growth created together,” he continued. “The exceptional quality of Elemis’ products and the loyalty they inspire have built a strong business with significant potential. This transaction reflects a disciplined portfolio decision, focused on creating longterm value for the group. I am confident Elemis will continue to thrive under PAI’s ownership and wish the team every success.”
Noella Gabriel, CEO and cofounder of Elemis, said: “Over the past seven years, with the support of L’Occitane Group, we have strengthened and growth the Elemis business, built a compelling product proposition and created a truly differentiated customers and retail experience.
“We look forward to building on this progress, bringing our exceptional skin care products to even more people while still staying true to our brand, heritage and values,” she added. “We are grateful to L’Occitane Group for its support and excited to take Elemis to its net phase of growth in partnership with PAI.”
Elemis’ product portfolio that includes cleansers, serums, moisturizers and specialist skin care treatments. Pro-Collagen is its hero franchise, which has gone viral. Its Elemis Pro-Collagen Cleansing Balm ranks first among facial cleansers in the U.K.
Elemis was founded in the ’90s by Linda Steiner, Noella Gabriel and Oriele Frank as a spa and retail onboard cruise ships. The group went public through an IPO as Steiner Leisure Ltd. in 1996. In 2015, it went private when L Catterton acquired Steiner Leisure for approximately $925 million. Four years later it changed hands again, when L’Occitane International SA bought the British premium skin care and wellness brand.
L’Occitane itself went private in 2024, delisting from the Hong Kong Stock Exchange, after Reinold Geiger, L’Occitane’s majority shareholder, initiated a 1.7 billion euro offer to acquire the 27.4 percent of the company he did not already own, with the backing of Blackstone.
There had been buzz for months that L’Occitane had been eying a sale of Elemis.
Elemis is today a leading British skin care brand with a global presence, especially in the U.S., where its fastest-growing business generates about 50 percent of net sales after numerous years of double-digit annual growth.
Elemis makes almost half of its sales online, across its own direct-to-consumer platform and other partners. Other channels include beauty retailers, spas and travel retail.
“Elemis is a distinctive British skin care brand with exceptional products, a strong commitment to innovation and a loyal global following,” said Gaëlle d’Engremont and Colm O’Sullivan, partners at PAI, jointly. “Its premium positioning, clinically proven product performance and strong digital engagement set it apart in an attractive and resilient skin care market.
“We see significant opportunities to accelerate growth in the U.S. and expand the brand’s digital business, while preserving its distinctive British identity,” they said. “Drawing on PAI’s international experience and consumer-sector expertise, we look forward to partnering with the Elemis team to support its next phase of growth and development.”
In 2024, PAI acquired a majority stake in Beautynova, a global professional hair care platform, from Bluegem Capital Partners. Outside of beauty, its consumer investments include Tropicana Brands Group, United Biscuits and Froneri.
