Hong Kong-listed beauty giant L’Occitane Group has acquired a majority stake in Australian-based clean skincare brand Grown Alchemist for an undisclosed sum.
Grown Alchemist was founded in 2008 by Melbourne siblings, Jeremy and Keston Muijis, with a focus on futuristic anti-ageing technology and unique botanical skincare formulas for optimal skin health.
The brand opened a flagship store in Melbourne in 2020, “gearing for the next phase of [our] journey with a full-scale omnichannel presence to further augment global sales”.
“With a unique and inspiring brand story and international fan base, Grown Alchemist is poised for international scalability and rapid growth,” said Andre Hoffmann, vice chairman & CEO of L’Occitane Group.
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The acquisition of Grown Alchemist is part of L’Occitane’s plan to further broaden its health-conscious beauty portfolio, attracting influential millennial and Gen Z customers.
The deal follows L’Occitane’s acquisition of Sol de Janeiro’s 83% stake last November, which is known for the Brazilian Bum Bum Cream brand.
This article was first published by Inside Retail.