Grown Alchemist Changes Hands
L'Occitane Group has sold its majority stake in the Australian skin care brand.
PARIS — Grown Alchemist has changed ownership.
The Australian skin care brand's majority stake was sold by L'Occitane Group to André Hoffman, the group's former vice chairman and former chief executive officer, who remains a board member. Anna Teal, Grown Alchemist CEO, is now a minority shareholder. The transaction was priced at 28 million euros.
“With increased business agility,
Grown Alchemist will focus on large-scale partnerships and activations in lifestyle, music and retail, driving the consumer experience to accelerate international growth in key markets, such as North America and China,” the brand said in a statement Tuesday, adding it will be headquartered in London.
The news comes at a time when speculation swirls about whether L'Occitane Group will be taken private. The French group, which is quoted on the Hong Kong Stock Exchange, acquired Elemis
in January 2019 for approximately $900 million and Sol de Janeiro in November 2021 at a valuation of $450 million.
In January, L'Occitane Group named Laurent Marteau as its new CEO.
Last month, Bloomberg News reported that Blackstone Inc. might team on a buyout with Reinold Geiger, chairman of L'Occitaine Group, who has a controlling stake in the company.
L'Occitane acquired a majority share of Grown Alchemist in March 2022 from boutique investment band Lempriere Wells. At the time, industry sources said that the purchase price was in excess of 50 million
Australian dollars, or $32.5 million today.
“The L'Occitane Group has been an incredible partner and supporter of the business since its acquisition of a majority control in 2022, enabling us to establish a strong foundation for growth, a stellar team, investment in product enhancements and new market entries,” Teal said in a statement. “That being said, we see this acquisition of Grown Alchemist as an opportunity to accelerate brand growth, as we gain more strategic flexibility and autonomy outside of a listed group. We are appreciative to the group for their open-mindedness and support for this transition in line with growth strategies of both parties involved.”
Melbourne-based Grown Alchemist offers 100 percent natural, vegan and cruelty-free topical and ingestible skin care products, as well as IV infusion therapy, hair and body care.
The brand, founded in 2008 by the brothers Keston and Jeremy Muijs, sells in more than 40 countries, including Sephora, Credo Beauty and five-star hotels and spas.
Focusing on natural skin care, with minimalist, gender-neutral packaging and a signature, three-phase skin care system of “cleanse, detox, activate,” the brand later expanded into hair and body care and ingestibles.
It boasts cosmetic and nutritional research facilities in London, Paris, Switzerland, Spain and Australia, and accreditations from the ACO (Australian Certified Organic) and SCA (SAFE Cosmetics Australia) organizations.
Product bestsellers include the Tinted Age-Repair Lip Treatment with tripeptide and violet leaf extract; the Hydra-Restore Cream Cleanser with olive leaf and plantago extract; the Detox Serum Antioxidant+3 Complex, and the Age-Repair Eye Cream, with tetrapeptide and centella.
L'Occitane Group's overall portfolio also includes the flagship brand L'Occitane en Provence, L'Occitane au Brésil, France's Melvita, South Korea's Erborian, U.S.based LimeLife by Alcone and Dr. Franjes Firenze, in Italy.