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L’Occitane sells off Grown Alchemist

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By Published On: April 5, 20240 Comments

Global beauty giant L’Occitane will be removing Aussie skincare company Grown Alchemist from its profile as it re-enters private ownership in a $46 million deal.

Founded by Melbourne siblings Jeremy and Keston Muijis in 2008, organic anti-aging skincare brand Grown Alchemist has built a cult following across the globe with celebrities like Gwyneth Paltrow and Alexander Wang endorsing its offerings.

In 2022, French luxury beauty company L’Occitane acquired a majority stake in the business and guided it through a China expansion in 2023.

Upon acquiring the brand, L’Occitane stated “In acquiring a majority control in Grown Alchemist, with its appeal to more health-conscious, influential millennial and Gen Z customers, the group aims to further broaden its international consumer profile and market reach.”

This week, it has been revealed that Grown Alchemist will be returned to private ownership following a $46 million deal that will see it exit  L’Occitane’s brand profile.  

André Hoffmann, L’Occitane Group’s former vice chairman and CEO has acquired a majority stake, and Anna Teal, Grown Alchemist’s CEO, has become a minority shareholder.

The new owners will be accelerating the brand’s global growth in key markets such as North America and China and will focus on large scale partnerships and activations in lifestyle, music, and retail to do so.

“The L’Occitane Group has been an incredible partner and supporter of the business since its acquisition of a majority control in 2022, enabling us to establish a strong foundation for growth, a stellar team, investment in product enhancements and new market entries,” CEO of Grown Alchemist Anna Teal said

“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 growth strategies of both parties involved.”

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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