Grown Alchemist leaves L’Occitane “to accelerate brand growth” as private company
04 Apr 2024 --- Biological beauty company Grown Alchemist says it needs more flexibility, so it has decided to leave the L’Occitane Group and become a privately-held company.
Andre Hoffmann, the former vice-chairman and CEO of L’Occitane International, acquired a majority controlling stake, with Grown Alchemist’s CEO, Anna Teal, taking on a minority shareholder role. The purchase price was €28 million (US$30.4 million).
“The L’Occitane Group has been an incredible partner and supporter of the business since its acquisition of majority control in 2022, enabling us to establish a strong foundation for growth, a stellar team, investment in product enhancements and new market entries,” says Teal.
“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 the growth strategies of both parties involved.”
Targeting international growth
The company reveals plans to prioritize significant partnerships and activations in the music, retail and lifestyle industries now that it has more business agility.
The programs are intended to “improve the international growth trajectory” and the “quality of the consumer experience,” especially in important markets such as China and North America.
The purchase price of Grown Alchemist was €28 million (US$30.4 million).Grown Alchemist claims to be committed to establishing “optimal conditions” for skin health with its “bio-advanced, clinically validated” formulas that complement the biology of the skin.
The company also provides spa services, such as IV Infusion Therapy, which is designed to maximize skin function. It offers services such as cryotherapy, lymphatic drainage and IV Infusion Therapy.
The brand’s headquarters will be based in London, UK.
“High performance” offering
Grown Alchemist was founded in Australia in 2008 with the intention of tackling the skin care issues that come with modern living. Its “clinically proven formulas” use advanced plant and biotechnology-based ingredients to enhance skin health.
Its products are available in over 40 countries and can be found in retailers such as Sephora, Credo Beauty and select five-star hotels and spas.
In related industry developments, Swiss skin care brand Galderma and the perfumery and cosmetics retailer Douglas eye initial public offerings.
Edited by Venya Patel
