Grown Alchemist Completes Change of Ownership
The beauty brand moves to privately held ownership to accelerate growth and drive development in key markets including North America and China
HONG KONG, April 2, 2024 /PRNewswire/ -- Grown Alchemist, an award-winning biological beauty brand for the design conscious, announced today that it will no longer form part of the L'OCCITANE Group and will move into privately held ownership. L'OCCITANE International S.A. former Vice-Chairman and former Chief Executive Officer and existing Board Member, Andre Hoffmann, has acquired a controlling majority stake, while Grown Alchemist CEO, Anna Teal, has been named a minority shareholder. The transaction price has been disclosed as 28 million Euros.
"The L'OCCITANE Group has been an incredible partner and supporter of the business since its acquisition of a majority control in 2022, enabling us to establish a strong foundation for growth, a stellar team, investment in product enhancements and new market entries," said Teal, CEO of Grown Alchemist. "That being said, we see this acquisition of Grown Alchemist as an opportunity to accelerate brand growth, as we gain more strategic flexibility and autonomy outside of a listed group. We are appreciative to the Group for their open mindedness and support for this transition in line with growth strategies of both parties involved."
The Grown Alchemist product portfolio is dedicated to creating the optimal conditions for skin to function and thrive in modern life, by harnessing bio-advanced, clinically proven formulas which work in harmony with the skin's own biology. The brand also offers spa treatments and services that optimize skin function, including IV Infusion Therapy.
With increased business agility, Grown Alchemist will focus on large scale partnerships and activations in lifestyle, music, and retail, driving the consumer experience to accelerate international growth in key markets, such as North America and China. The brand will be headquartered in London, U.K.
About Grown Alchemist
Founded in Australia in 2008 for all skin impacted by modern living, Grown Alchemist's high-performance, clinically proven formulas support skin health, head to toe. Using advanced plant and bio-tech ingredients which work in harmony with your skin biology for better absorption and more powerful results. The brand also offers spa treatments and services, encompassing cryotherapy, lymphatic drainage and IV Infusion Therapy to optimize skin health.
The brand is available in over 40 countries and available in retailers including Sephora, Credo Beauty and 5-star hotels & spas. www.grownalchemist.com
About L'OCCITANE Group
The L'OCCITANE Group is a leading international manufacturer and retailer of premium and sustainable beauty and wellness products. The Group operates in 90 countries worldwide and has 3,000 retail outlets, including over 1,300 of its own stores. Within its portfolio of premium beauty brands that champion organic and natural ingredients are: L'OCCITANE en Provence, Melvita, Erborian, L'OCCITANE au Brésil, LimeLife by Alcone, ELEMIS, Sol de Janeiro and Dr. Vranjes Firenze. With its nature-positive vision and entrepreneurial ethos, L'OCCITANE Group is committed to investing in communities, biodiversity, reducing waste and to finding sustainable solutions to create a better and healthier planet. The L'OCCITANE Group is a certified B Corporation™. For more information about our people and our brands, visit us at https://group.loccitane.com
Contact Grown Alchemist
UK: Lauren Mills | Lauren@buxandbewl.com
US: Lara Casse | Lara@buxandbewl.com
Contact L'OCCITANE Group
Marianna Fellmann | groupcommunication@loccitane.com
SOURCE Grown Alchemist
