At a glance
- What? On 4 November 2026, L’Occitane Group and PAI Partners announced that the private equity firm will buy Elemis, the British skincare brand founded in 1989.
- The price: not disclosed. L’Occitane bought Elemis in 2019 for a maximum of 900 million dollars.
- The brand: more than 300 million dollars in net sales in the 2026 financial year, almost double the level of seven years ago.
- The target market: the United States, around 50% of net sales.
- What’s next: closing is expected in the first quarter of 2027, subject to regulatory approvals.
Seven years after bringing it into the group, L’Occitane is parting with the brand it describes as its first major acquisition. Elemis changes hands with sales nearly doubled but no public price, so it is impossible for now to measure what L’Occitane makes on the deal. PAI Partners, for its part, is betting on the United States and digital.
More than 300 million dollars in sales
L’Occitane’s press release, published in identical form by PAI, sums up the record in one figure: under L’Occitane, Elemis nearly doubled its net sales to more than 300 million dollars in the 2026 financial year. Nearly half of those sales are made online, through the brand’s own site and digital partners. The rest goes through beauty retailers, spas and travel retail.
How much did PAI pay?
Neither party says. L’Occitane, unlisted since October 2024, gives no figure. The only official benchmark dates from 13 January 2019: the group then announced the purchase of Elemis for a maximum of 900 million dollars, its largest acquisition since listing. According to several estimates published before the agreement, the asking price was a little under 1 billion dollars. The press releases do not confirm that figure.
The United States, half of sales
The American market accounts for around 50% of Elemis’s net sales, after several years of double-digit annual growth. That is where PAI wants to accelerate, while reinforcing the brand’s position in the UK and targeting selected other international markets. Digital and selective premium retail are also on the agenda. The press release values the global skincare market at around 170 billion dollars.
Gaëlle d’Engremont and Colm O’Sullivan, partners at PAI, pledge to preserve the brand’s British identity. According to Elemis, its products are almost always made in Britain.
Pro-Collagen, the heart of the brand
The Pro-Collagen range anchors the Elemis line-up, and the brand plans to keep innovating around it. Its cleansing balm is the UK’s no. 1 facial cleanser, according to Circana data on prestige skincare, by value and units, for the 12 months to September 2026. The brand also works on its visibility: since 2025 it has been Official Skincare Partner of the Aston Martin Aramco Formula One Team.
Born in the spa in 1989
Elemis was founded in 1989 by Linda Steiner, with Sean Harrington, Oriele Frank and Noella Gabriel. Gabriel, who began as a spa therapist, became its CEO in November 2025, with Séan Harrington moving to non-executive chairman during the transition. The press release says PAI will work with the Elemis management team, and that the brand will preserve its spa heritage. It is found in hotels, destination spas and on cruise liners. Noella Gabriel says she is excited to start this next phase with the firm.
10.1% of group sales in 2025
For L’Occitane, the sale trims a portfolio dominated by two brands. In the year ended 31 March 2025, the group posted sales of 2.8 billion euros: 48.4% from L’Occitane en Provence, 31.6% from Sol de Janeiro and 10.1% from Elemis. Its sustainability report gives 2.6 billion euros for the 2026 financial year. Reinold Geiger, its Chairman and CEO, calls it a disciplined portfolio decision focused on long-term value. The group keeps brands including Melvita, Erborian, L’Occitane au Brésil and Vranjes Firenze.
Closing expected in early 2027
The deal is not yet done. Closing is expected in the first quarter of 2027, subject to regulatory approvals and customary conditions. PAI will then become the owner of Elemis. The firm, whose origins go back to 1872 at Paribas, reports around 25 billion euros of assets under management. It already has an interest in luxury: in June 2026, it announced a majority stake in Arlettie, a specialist in inventory management for luxury brands. For context, see the luxury market in the third quarter of 2026 and the move of Gucci Beauty to L’Oréal.
| Brand | Elemis, skincare, United Kingdom |
| Founded | 1989 |
| Seller | L’Occitane Group, owner since 2019 |
| Buyer | PAI Partners |
| Announced | 4 November 2026 |
| Price | not disclosed |
| Net sales | more than 300 million dollars, 2026 financial year |
| United States | around 50% of net sales |
| CEO | Noella Gabriel, co-founder |
| Seller’s advisers | Morgan Stanley, CFI France |
| Buyer’s advisers | Perella Weinberg Partners, Raymond James |
| Closing | expected in the first quarter of 2027 |
Information verified on 5 November 2026. Sources: L’Occitane Group press release of 4 November 2026, PAI Partners press release of 4 November 2026, L’Occitane press release of 13 January 2019, L’Occitane Group financial fact sheet, Elemis.
