The luxury cosmetics firm is building its UK and US foothold.
Bloomberg reports that Hong Kong-listed luxury cosmetics firm L’Occitane International SA has agreed to acquire beauty and skincare brand Elemis for US$900m in an attempt to expand its presence in the UK and US.
L’Occitane, which creates cosmetic products based on natural ingredients, is buying Elemis USA from international business firm Steiner Leisure. It is also buying Elemis Ltd. from private firm Nemo U.K.
The purchase will be funded by L’Occitane’s cash and bank borrowings. The deal is expected to close in Q1 2019, according to the filing.
“This is L’Occitane’s largest acquisition since listing and a major step forward in building a group of premium beauty brands,” Reinold Geiger, chief executive officer of the firm, said in a statement.
L’ Occitane listed in Hong Kong in 2010 in a bid to grow its foothold in Asia.
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