Pai Partners to Buy Elemis From L'Occitane in Undisclosed Deal

L'Occitane Group will sell British premium skin care brand Elemis to Pai Partners, with the deal expected to close in the first quarter of 2027. Neither party disclosed financial terms. The sale, announced Wednesday, confirms a WWD report from July 30.

The exit ends a seven-year hold that L'Occitane began in January 2019, when it paid $900 million for the brand. Under that ownership, Elemis nearly doubled net sales to more than $300 million in full-year 2026, according to the announcement. That growth figure carries no margin or profit data — the companies did not disclose profitability, and the sales trajectory alone says little about the price Pai is paying.

What did L'Occitane's chairman say?

"Elemis has played a special role in the history of our group," said Reinold Geiger, chairman and chief executive officer of L'Occitane Group, in a statement. "As our first major acquisition, it marked an important step in our evolution as a true multibrand group."

"I am grateful for everything they have contributed and proud of the growth created together," Geiger continued. "The exceptional quality of Elemis' products and the loyalty they inspire have built a strong business with significant potential. This transaction reflects a disciplined portfolio decision, focused on creating longterm value for the group. I am confident Elemis will continue to thrive under Pai's ownership and wish the team every success."

The word "disciplined" does the heavy lifting here. Reports of a potential sale had circulated for months before Wednesday's confirmation, and Geiger frames the divestment as strategy rather than retreat.

Who is Elemis today?

Noella Gabriel, CEO and cofounder of Elemis, said: "Over the past seven years, with the support of L'Occitane Group, we have strengthened and growth the Elemis business, built a compelling product proposition and created a truly differentiated customers and retail experience."

"We look forward to building on this progress, bringing our exceptional skin care products to even more people while still staying true to our brand, heritage and values," she added. "We are grateful to L'Occitane Group for its support and excited to take Elemis to its net phase of growth in partnership with Pai."

The brand, founded in 1989, sells cleansers, serums, moisturizers and specialist treatments. Its Pro-Collagen franchise has gone viral; the Elemis Pro-Collagen Cleansing Balm ranks first among facial cleansers in the U.K. The U.S. is its fastest-growing market and generates about 50 percent of net sales after years of double-digit annual growth. Almost half of all sales come online, through the brand's direct-to-consumer platform and other partners; the rest flows through beauty retailers, spas and travel retail.

How did the brand change hands so often?

Elemis has now been sold four times. Linda Steiner, Noella Gabriel and Oriele Frank founded it in the 1990s as a spa and retail business onboard cruise ships. The group went public through an IPO as Steiner Leisure Ltd. in 1996. L Catterton took it private in 2015, paying approximately $925 million for Steiner Leisure. L'Occitane International SA bought the brand four years later, in the $900 million deal now being unwound.

The seller has itself changed structure. L'Occitane went private in 2024, delisting from the Hong Kong Stock Exchange after Geiger, its majority shareholder, launched a 1.7 billion euro offer for the 27.4 percent of the company he did not already own, with backing from Blackstone.

Why does Pai want it?

"Elemis is a distinctive British skin care brand with exceptional products, a strong commitment to innovation and a loyal global following," said Gaëlle d'Engremont and Colm O'Sullivan, partners at Pai, jointly. "Its premium positioning, clinically proven product performance and strong digital engagement set it apart in an attractive and resilient skin care market."

"We see significant opportunities to accelerate growth in the U.S. and expand the brand's digital business, while preserving its distinctive British identity," they said. "Drawing on Pai's international experience and consumer-sector expertise, we look forward to partnering with the Elemis team to support its next phase of growth and development."

Pai is no stranger to the sector. In 2024 it acquired a majority stake in Beautynova, a global professional hair care platform, from Bluegem Capital Partners. Its consumer holdings outside beauty include Tropicana Brands Group, United Biscuits and Froneri. Two caveats temper the private equity optimism: the partners cite no specific investment targets or timelines, and the deal remains subject to closing conditions through the first quarter of 2027 — a long runway on which terms, or the market, could still shift.