L'OCCITANE acquires majority stake in Brazilian-inspired premium beauty brand Sol de Janeiro
PR93062
GENEVA, November 15, 2021 /PRNewswire=KYODO JBN/ --
The L'OCCITANE Group, an international group that manufactures and retails
beauty and well-being products that are rich in natural and organic
ingredients, is pleased to announce its acquisition of a majority stake in Sol
de Janeiro, an innovative leader in the global prestige body care market. Born
of an authentic Brazilian philosophy of celebration and joy, Sol de Janeiro is
a fast-growing, award-winning lifestyle skincare brand beloved by
multi-generational, modern and global consumers from millennials to Gen Z.
Founded in the US in 2015 as a results-driven premium body care brand with
highly efficacious ingredients sustainably sourced from Brazil, Sol de Janeiro
is one of the fastest-growing premium skincare brands in North America, with
success across body care, fragrance and hair care products. It sells both
directly to consumers through its website and through various premium retailers
across the globe.
The acquisition is in line with the Group's strategy of building a leading
portfolio of premium beauty brands. Sol de Janeiro is a strategic fit for the
Group in terms of brand recognition and identity, product quality, management
capability, as well as growth, profitability and cash generation prospects. Sol
de Janeiro's digital presence and established body care business is
complementary to the Group's balanced geographical strategy to build a
portfolio of strong brands in all major geographical regions. Meanwhile, Sol de
Janeiro is expected to leverage the Group's international presence to expand
into new markets.
André Hoffmann, Vice-Chairman & Chief Executive Officer of L'OCCITANE, said,
'We are delighted to be further expanding our brand portfolio and accelerating
our transformation into a multi-brand and geographically balanced group. With a
compelling brand story and an experienced and entrepreneurial management team,
Sol de Janeiro reflects our values and premium beauty image.'
Heela Yang, Chief Executive Officer and Co-Founder of Sol de Janeiro, said, 'I
have always admired L'OCCITANE, a beautiful lifestyle brand anchored in a deep
commitment to sustainability, and we are thrilled to have found a home with the
Group to continue to drive our explosive growth. Furthermore, we are ecstatic
to have found a partner who so deeply respects our brand vision and values of
inclusivity, joy and self-celebration.'
The Group will acquire an 83% indirect interest in Sol de Janeiro. Upon
closing, Sol de Janeiro will become a majority-owned subsidiary of the Group.
Contact: groupcommunication@loccitane.com
Photo -
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Logo - https://mma.prnewswire.com/media/1527234/LOCCITANE_GROUP_logo.jpg
Source : L’OCCITANE Group
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