The main shareholder of cosmetics group L'Occitane wants full control of the group. Austrian billionaire Reinold Geiger, who currently controls almost 73% of the group, has unveiled his bid to buy the remaining shareholding for a reported €1.7 billion.
As Fashion Network reported, the company intends to delist from the Hong Kong Stock Exchange, where it was first listed in 2010.
The company itself issued a press release verifying Geiger's intention to acquire the remaining shares: "Our family has always taken a responsible and long-term vision for the development of our company. The cosmetics sector is undergoing profound changes and our company has significantly transformed into a geographically balanced multi-brand group, marked by strategic acquisitions such as Elemis, Sol de Janeiro and most recently, Dr. Vranjes Firenze. The transaction we are launching today will allow us to focus on rebuilding the foundations for the long-term sustainable growth of our company," said the Austrian owner.
In the same statement, L'Occitane said the share price would be around 34 Hong Kong dollars, equivalent to around 4 euros, and the aim of the transaction is to fully privatise L'Occitane and delist it from the Hong Kong Stock Exchange.
The French cosmetics group will be backed by investment funds Blackstone and Goldman Sachs, in addition to the debt provided by Crédit Agricole Corporate and Investment Bank. The IPO values the L'Occitane International group at €6 billion.
The French cosmetics group appointed a new CEO in January 2024 and L'Occitane's latest fiscal figures were very positive with sales up almost 25%, allowing the group to reach over one billion euros and recorded an operating profit of over 11%, with its best-selling brand: Sol de Janeiro.