In a bold move, the billionaire owner of L’Occitane, Reinold Geiger, has made an offer to take the skincare company private in a deal worth about €6.5bn. Geiger, who already controls the company, has offered to pay HK$34 per share to buy the rest of the business and delist it from the Hong Kong stock exchange, where it has been listed since 2010.
The deal, valued at up to HK$13.91bn (€1.7bn), has already received commitments from a quarter of the remaining shareholders to tender their stock. Blackstone and Goldman Sachs Asset Management will provide about €1.5bn in debt financing to back Geiger’s offer, with Crédit Agricole also providing debt financing.
Geiger’s L’Occitane Groupe, based in Luxembourg, has seen significant growth in recent years, expanding from its initial skincare business to acquire other brands such as perfumer Dr Vranjes and Sol de Janeiro. Geiger, who bought a minority stake in the company in 1994, has been instrumental in its transformation into a geographically balanced multi-brand group.
The global market for beauty and skincare has remained resilient despite economic challenges, with companies like Sephora and L’Oréal beating expectations in their recent results. However, China has presented challenges for beauty companies due to deteriorating consumer confidence and tough competition from local brands.
Geiger’s offer to take L’Occitane private reflects his vision for the long-term sustainable growth of the business. The company’s sales increased by 13% in 2023 to €2.13bn, with Asia Pacific accounting for 42% of total sales. The decision to delist the company marks a new chapter in L’Occitane’s journey as it focuses on rebuilding its foundations for future success.
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