PAI Partners acquires Elemis from L’Occitane Group

Private equity firm PAI Partners has revealed its acquisition of British skincare brand Elemis from L’Occitane Group.

The transaction marks the next phase of Elemis’s development after seven years as part of L’Occitane Group. During L’Occitane’s ownership, Elemis nearly doubled net sales to more than $300m (£222.7m/€267m) in 2026.

The brand has seen significant international growth, particularly in the United States, which now accounts for approximately 50 per cent of net sales.

The brand has strengthened its retail network and generates nearly half of its sales online. Its direct-to-consumer platform and digital partner channels complement its presence in spas, and within beauty and travel retailers.

A focus on US expansion

Founded in 1989, Elemis’s portfolio spans cleansers, serums, moisturisers and specialist spa treatments.

PAI will work closely with the Elemis management team to support the brand’s continued growth, reinforcing its leadership in the UK and accelerating expansion in the US.

Priorities will also include broadening its reach through digital and premium retail channels and pursuing further growth in international markets.

Elemis will continue to invest in product innovation for its core product range, building on the success of its iconic Pro-Collagen franchise, while preserving its spa-led heritage.

In 2025, Elemis announced a multi-year partnership with Aston Martin, to deliver bespoke co-branded experiences and exclusive product moments for the high-performance car brand.

A distinctly British brand

Gaëlle d’Engremont and Colm O’Sullivan, partners at PAI, said: “Elemis’s premium positioning, clinically proven product performance and strong digital engagement set it apart in the 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.”

Reinold Geiger, chairman and CEO of L’Occitane Group, added: “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 multi-brand group.

“I am grateful for everything they have contributed and proud of the growth created together. This transaction reflects a disciplined portfolio decision, focused on creating long-term value for the group.”

Closure of the deal is expected in the first quarter of 2027, subject to conditions and customary regulatory approvals.

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