Knowde Take: In case you’re wondering if millennials have truly taken over… luxury cosmetics company, L’Occitane International SA, recently acquired Elemis, one of the generation’s skin care favorites, in an effort to increase their presence in the natural, high-end product market. Oh…and if anyone cares, Gen X is a fan as well .
Luxury cosmetics firm L’Occitane International SA agreed to buy beauty and skincare brand Elemis for about $900 million, as the maker of organic lotions looks to expand in the U.S. and U.K. with its biggest deal on record.
Hong Kong-listed L’Occitane agreed to buy Elemis from Steiner Leisure Ltd., a portfolio company of private equity firm L Catterton that focuses on consumer investments. The deal is the latest in a spate of acquisitions of high-end skincare brands, with demand for natural beauty products on the rise in Asia — a trend that has also lifted cosmetics giant L’Oreal SA.