Private equity investor PAI Partners has agreed to acquire British skincare business Elemis from L’Occitane Group, taking ownership of a brand that has nearly doubled its annual sales during seven years under its current parent company.
The transaction will transfer Elemis to a new owner focused on expanding its international distribution, digital operations, and premium retail presence.
Financial terms have not been disclosed. Completion is expected during the first quarter of 2027, subject to customary regulatory approvals and other closing conditions.
Elemis, founded in 1989, develops skincare products sold through premium retailers, spas, travel retail, and direct-to-consumer digital channels.
During L’Occitane Group’s ownership, the business nearly doubled its annual net sales, generating more than $300m in its 2026 financial year.
The United States now accounts for approximately 50% of total sales, following several years of double-digit annual growth in that market.
Online transactions also contribute nearly half of revenue, combining purchases through Elemis’s own website with sales through third-party digital retail platforms.
Those figures illustrate how the business has expanded beyond its original professional skincare and spa activities into international consumer retail.
The company’s product portfolio includes cleansers, serums, moisturisers, and specialist skincare treatments, with its Pro-Collagen range remaining central to its commercial offering.
PAI intends to work with the existing management team to expand the business further in the United States, maintain its established UK position, and pursue growth in selected international markets.
Its plans include developing premium retail partnerships and digital distribution while continuing investment in Elemis’s existing product ranges.
Gaëlle d’Engremont and Colm O’Sullivan, partners at PAI, said: “We see significant opportunities to accelerate growth in the US and expand the brand’s digital business, while preserving its distinctive British identity.”
The acquisition gives PAI an established international skincare business with existing distribution agreements, a recognisable product portfolio, and substantial online sales.
Its commercial structure combines several customer channels. Professional spa treatments provide one route into the brand, while premium retail and direct online sales enable customers to purchase products independently of those services.
The company’s American operations have become particularly important to its growth, accounting for approximately half of its annual turnover.
Further expansion will depend on strengthening those retail relationships, maintaining customer demand, and developing distribution without undermining the brand’s existing position in premium skincare.
For L’Occitane Group, the sale represents a portfolio decision following a period in which Elemis contributed to the group’s expansion into an international multibrand beauty business.
Reinold Geiger, chairman and chief executive of L’Occitane Group, described Elemis as the company’s first major acquisition and an important part of its development.
The wider group continues to operate brands including L’Occitane en Provence, Sol de Janeiro, Erborian, Melvita, and L’Occitane au Brésil.
Noella Gabriel, chief executive and co-founder of Elemis, will continue to lead the business through the ownership transition. PAI has indicated that it intends to retain the existing management team’s involvement in the company’s development.
Gabriel said the business had strengthened its product offering, commercial partnerships, and retail operations during the seven years of L’Occitane ownership.
Morgan Stanley acted as lead financial adviser to L’Occitane Group, with CFI France as joint financial adviser. Perella Weinberg Partners and Raymond James advised PAI.
The agreement remains subject to completion conditions, and Elemis will continue under L’Occitane Group ownership until the transaction closes.
If completed as expected during the first quarter of 2027, the acquisition will place the British skincare company within PAI’s investment portfolio as it pursues further international growth.
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