L’Occitane reportedly eyes US IPO less than two years after going private

L’Occitane Group is reportedly considering an initial public offering (IPO) in the US, less than two years after the group went private in 2024. 

The French skin care company is said to be working with JPMorgan Chase and Morgan Stanley on the potential public listing, according to sources cited by Bloomberg.

Some reports project the final decision will be made “as soon as this year,” but discussions around the stock market launch are reportedly still ongoing, and the timing could change.

L’Occitane was taken private in 2024 by Austrian billionaire Reinold Geiger and his backers, including Blackstone and Goldman Sachs. Geiger currently acts as the group’s chairman and executive director.

The 2024 decision to take L’Occitane private ended its 14-year listing on the Hong Kong stock exchange. At the time, the transaction valued the group at €6 billion (US$7.1 billion) on an equity basis.

L’Occitane has eight brands in its portfolio, including viral names like Sol de Janeiro, Elemis, and Melvita. According to the company’s 2025 annual results, L’Occitane posted sales of €2.8 billion (US$3.3 billion). The same report also shows that the Americas accounted for 46.4% of its sales, making it the company’s largest region.

Asia Pacific was the company’s second-largest region, accounting for 29.7% of sales, while Europe, the Middle East, and Africa made up 23.8%.

A potential US IPO could signal that L’Occitane is eyeing fresh capital to support regional growth in its largest market and position itself more strongly with investors. It could also give chairman Geiger and the group’s financial backers a clearer path to sell shares over time, which could potentially allow them to monetize a part of their stake after the 2024 take-private deal.

Launching on a US stock exchange could give L’Occitane access to fresh capital and a broader investor base.Personal Care Insights has reached out to L’Occitane, JPMorgan, and Morgan Stanley for comment and is awaiting response. 

Public flocking

In recent months, many beauty and personal care brands have been mulling their stock listings. Korean cosmetics companies, for example, are increasingly viewing IPOs as a strategic step to support their global expansion. Domestic reports say there’s been an influx of K-beauty manufacturers and distributors preparing to go public this year.

Indian cosmetics brand Colorbar said it is preparing to go public in early 2027, as it aims to raise funds for product development, category expansion, and acquisitions.

Moreover, luxury Chinese beauty brand Mao Geping became the first domestic C-beauty company to list on the Hong Kong stock exchange in December 2024. Its listing was met with strong investor confidence, which helped its stock price double over the next three months.