L’Occitane divests its stake in cosmetics: Growing Alchemist is an Australian cosmetics business that was established in 2008 in Melbourne. The L’Occitane Group is well-known for its varied portfolio of brands, which includes Sol de Janeiro, Melvita, and L’Occitane en Provence. The company has decided strategically to sell off its majority ownership in Grown Alchemist. Two years have passed since L’Occitane first invested in Grown Alchemist.

This decision was made by L’Occitane due to changing market and economic conditions and the expansion of other brands in the company’s portfolio, according to a financial announcement. L’Occitane plans to improve its financial performance by selling its share in Grown Alchemist and reinvesting the proceeds into its flagship brand, L’Occitane en Provence, as well as into growing its other brands more rapidly.

Through this purchase, André Hoffmann, a former CEO of L’Occitane and current board member, acquired a controlling share in Grown Alchemist. Grown Alchemist’s current chief executive officer, Anna Teal, will keep a small percentage of the company. A total of 28 million euros is the estimated worth of the deal.

Grown Alchemist gains more independence and leeway to continue its expansion path as a result of this divestiture. The brand, which has its headquarters in London, is sold in more than 40 countries through a variety of channels, such as spas, hotels, and department stores like Sephora and Credo Beauty.

Revenue for the first nine months of L’Occitane’s fiscal year 2023/24 was 1.9 billion euros, as of December 3, 2023. The company’s brand portfolio has been performing admirably, with sales increasing by 18.9% (or 24.8% when adjusted for currency rates).