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PAI Partners Agrees to Acquire Elemis from L’Occitane

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PAI Partners Agrees to Acquire Elemis from L’Occitane

THE WHAT? Private equity firm PAI Partners has agreed to acquire British prestige skincare brand Elemis from L’Occitane Group, ending seven years of ownership as the business prepares for further international expansion.

THE DETAILS The transaction, announced on 4 November 2026, is expected to complete in the first quarter of 2027, subject to regulatory approvals. Financial terms have not been disclosed. Since its acquisition by L’Occitane Group in 2019, Elemis has nearly doubled annual net sales to more than US$300 million in fiscal 2026. The US now accounts for approximately 50 percent of revenue, while digital channels generate nearly half of total sales. PAI Partners plans to strengthen Elemis’s UK market position, accelerate US growth and expand digital and premium retail distribution, while continuing investment in its Pro-Collagen skincare portfolio.

THE WHY? The acquisition highlights continued private equity interest in established prestige skincare brands with strong international distribution and digital growth potential. For L’Occitane Group, the divestment represents a strategic portfolio decision, while PAI Partners is seeking to capitalise on Elemis’s established market position and opportunities for further expansion across the global cosmetics industry.



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