THE WHAT? L’Occitane has announced that it has acquired majority control of Australian cosmeceutical brand, Grown Alchemist.
THE DETAILS Terms of the deal were not disclosed, L’Occitane said that it will support and share its expertise with Grown Alchemist, while offering the co-founders the autonomy to lead and drive the business and to retain a share in the company.
THE WHY? Through the purchase, L’Occitane is hoping to gain access Grown Alchemist’s influential Millennial and Gen Z customers, broadening the group’s international consumer profile and market reach. André Hoffmann, Vice-Chairman & CEO of the L’OCCITANE Group, said, ‘We are thrilled to support and nurture this ground-breaking, natural cosmeceutical brand, which encapsulates the entrepreneurial spirit of our group. With a unique and inspiring brand story and international fan base, Grown Alchemist is poised for international scalability and rapid growth.’