Pai Partners is allegedly in talks to potentially acquire Elemis, according to a new report.
L’Occitane Group-owned Elemis is a 37-year-old British skin care brand best known for its hero skus Pro-Collagen Marine Cream and Pro-Collagen Cleansing Balm.
Private equity firm Pai Partners is rumoured to be in exclusive negotiations with the luxury skin care brand, according to a new report by WWD, which allegedly cites multiple sources.
Elemis declined to comment when Cosmetics Business reached out, stating it does not comment on market speculation or rumours.
Cosmetics Business has also reached out to L’Occitane for comment.
Another report by The Business of Fashion alleges that Elemis has been exploring a sale for several months, with internal documents viewed by the publication outlining a company strategy to more than double its sales in the next five years.
Elemis was founded in London, UK, in 1989 by entrepreneur and investor Linda Steiner, and was soon joined by co-founding trio Noella Gabriel, Sean Harrington and Oriele Frank.
The British spa brand quickly became known for its body care and facial skin care offering available in beauty salons, spas and cruise ships before expanding into wider retail.
In 2019, L'Occitane entered an agreement to buy Elemis from Steiner Leisure in a deal worth US$900m.
Steiner Leisure is a portfolio company of private equity firm L Catterton, which acquired Elemis in 2015.
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