L’Occitane Group has agreed to sell British luxury skincare brand Elemis to private equity firm PAI Partners, bringing an end to seven years of ownership during which the business has nearly doubled its net sales and significantly expanded its international presence.
Announced on 4 November 2026, the agreement will see PAI take ownership of Elemis, with plans to accelerate the brand's growth in the United States, strengthen its digital business and expand its presence across selected international markets. The transaction is expected to complete in the first quarter of 2027, subject to regulatory approvals and customary closing conditions. Financial terms have not been disclosed.
Founded in 1989, Elemis has developed from a British spa-focused skincare business into an internationally recognised prestige beauty brand, combining professional treatment expertise with advanced skincare formulations and biotechnology. Its Pro-Collagen franchise remains central to the business, with the Pro-Collagen Cleansing Balm ranked as the UK's number one prestige facial cleanser by both value and unit sales, according to Circana data for the 12 months ending September 2026.
During its ownership by L’Occitane Group, Elemis has nearly doubled its annual net sales to more than $300 million in the 2026 financial year, while expanding its retail partnerships, digital operations and international distribution. The United States has become a particularly important market, accounting for approximately 50% of the brand's net sales following several years of double-digit annual growth.
Digital commerce has also become a significant contributor to its performance, with nearly half of sales now generated online through Elemis' direct-to-consumer platform and third-party digital partners. These channels complement its established presence in premium beauty retail, professional spas, cruise ships and travel retail, providing a diversified distribution model as the business prepares for its next stage of development.
Under the proposed ownership structure, PAI will work closely with the existing Elemis management team to strengthen the brand's leadership in the UK while accelerating growth in the US and other selected international markets. Investment priorities will include digital expansion, premium retail distribution and further product innovation, particularly within the Pro-Collagen franchise.
The private equity firm has identified Elemis' premium positioning, established international following and clinically proven product performance as important strengths within the global skincare market. The transaction also reflects continued investor interest in beauty businesses that combine strong brand recognition with opportunities for international expansion and digital growth.
Gaëlle d’Engremont and Colm O’Sullivan, Partners at PAI, said:
“ELEMIS is a distinctive British skincare brand with exceptional products, a strong commitment to innovation and a loyal global following. Its premium positioning, clinically proven product performance and strong digital engagement set it apart in an attractive and resilient skincare market. We see significant opportunities to accelerate growth in the US and expand the brand’s digital business, while preserving its distinctive British identity. Drawing on PAI’s international experience and consumer-sector expertise, we look forward to partnering with the ELEMIS team to support its next phase of growth and development.”
PAI currently manages approximately €25 billion in assets and has completed more than 100 investments across 13 countries since 1994. The firm specialises in partnering with established businesses to support international development and long-term growth, drawing on its experience across consumer and other industries.
For L’Occitane Group, the proposed sale represents a significant portfolio decision following a period in which Elemis played an important role in the company's development as a multi-brand beauty business. Acquired in 2019, Elemis was the group's first major acquisition and helped establish its presence in the international prestige skincare market.
Reinold Geiger, Chairman and CEO of L’OCCITANE Group, said:
“ELEMIS has played a special role in the history of our Group. As our first major acquisition, it marked an important step in our evolution as a true multi-brand group. I am grateful for everything they have contributed and proud of the growth created together. The exceptional quality of ELEMIS’ products and the loyalty they inspire have built a strong business with significant potential. This transaction reflects a disciplined portfolio decision, focused on creating long-term value for the Group. I am confident ELEMIS will continue to thrive under PAI's ownership and wish the team every success.”
Following the completion of the transaction, L’Occitane Group's portfolio will continue to include L’Occitane en Provence, Sol de Janeiro, Erborian, Melvita, L’Occitane au Brésil and Vranjes Firenze. The group operates in more than 100 countries, with a global network of over 5,000 retail locations.
Although PAI's growth strategy places considerable emphasis on international retail and digital channels, the investment firm has confirmed that Elemis' professional spa heritage and distinctive sensorial identity will remain central to its development.
The brand's evolution from professional spa skincare into a global prestige beauty business has been underpinned by its treatment expertise, product innovation and longstanding relationships within the hospitality and wellness sectors. Its spa and cruise channels continue to complement its consumer retail business, allowing customers to experience the brand through professional treatments as well as at-home skincare.
The continued importance of these channels will be particularly relevant to the professional beauty industry, where Elemis has established a presence through luxury spas and treatment providers. While the proposed transaction signals a renewed focus on commercial expansion, no changes to its existing professional partnerships or spa distribution arrangements have been announced.
Elemis will continue under the leadership of CEO and Co-Founder Noella Gabriel, who has played a central role in the brand's development and international expansion. Her continued involvement provides leadership continuity as the business prepares to transition into new ownership.
Noella Gabriel, CEO and Co-Founder of ELEMIS, said:
“Over the past seven years, with the support of L’OCCITANE Group, we have strengthened and grown the ELEMIS business, built a compelling product proposition, and created a truly differentiated customer and retail experience. We look forward to building on this progress, bringing our exceptional skincare products to even more people while staying true to our brand, heritage and values. We are grateful to L’OCCITANE Group for its support and excited to take ELEMIS into its next phase of growth in partnership with PAI.”
The proposed acquisition comes as the global skincare market, valued at approximately $170 billion in the announcement, continues to attract investment from private equity firms seeking established brands with international growth potential. Increasing consumer demand for premium skincare, product efficacy and sensorial experiences has created opportunities for businesses that can combine technical innovation with strong brand identity.
For Elemis, the next phase will centre on building its international market share while retaining the professional expertise and British heritage that have supported its development over more than 35 years. With completion expected in early 2027, the agreement positions the brand for further expansion under PAI, while marking a significant change in ownership for one of the UK's most established prestige skincare businesses.
L’Occitane Group has agreed to sell British luxury skincare brand Elemis to private equity firm PAI Partners, bringing an end to seven years of ownership during which the business has nearly doubled its net sales and significantly expanded its international presence.