L'Occitane divests Grown Alchemist in $46 million deal

Melbourne-founded skincare brand Grown Alchemist will return to private ownership in a deal worth $46 million, two years after being acquired by global beauty giant L'Occitane Group.

Founded by Melbourne siblings Jeremy and Keston Muijis in 2008, the organic anti-aging skincare brand has built a cult following worldwide, with endorsements from celebrities like Gwyneth Paltrow and Alexander Wang.

    Transaction snapshot

    • Deal value: $46 million (€28 million)
    • Deal multiples: N/A
    • Deal type: Majority stake acquisition
    • Investors: André Hoffmann (majority stake) and Anna Teal, Grown Alchemist's CEO (minority stake)

    In 2022, L'Occitane acquired a majority stake in Grown Alchemist, guiding it through a China expansion in 2023. However, this week, it was revealed that Grown Alchemist would return to private ownership. André Hoffmann, L'Occitane Group's former vice chairman and CEO, has acquired a majority stake, while Anna Teal has become a minority shareholder.

    The new owners plan to accelerate the brand's global growth in key markets such as North America and China, focusing on large-scale partnerships and activations in lifestyle, music, and retail.

    Teal stated that the L'Occitane Group has been an incredible partner, enabling Grown Alchemist to establish a strong foundation for growth. However, she believes that the acquisition presents an opportunity to accelerate brand growth with more strategic flexibility and autonomy outside of a listed group.

    Grown Alchemist's products are sold in more than 40 countries and stocked by retailers including Sephora and Credo Beauty, as well as premium hotels and spas. The brand will now be headquartered in London under its new ownership.

    L'Occitane Group said the sale would help it focus on its core brand, L'Occitane en Provence, and grow other beauty brands in its portfolio, including Melvita, Erborian, and Sol de Janeiro.

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