L'Occitane has sold Grown Alchemist to former CEO Andre Hoffmann for €28m.
Hoffmann, who stepped down as chief executive of the French beauty brand owner in January, will own the majority stake.
Grown Alchemist's CEO Anna Teal has been named a minority shareholder.
L'Occitane acquired the Australian natural beauty brand in 2022.
Teal said that Grown Alchemist's partnership with L'Occitane enabled the brand to enter new markets, grow its team and invest in NPD.
"That being said, we see this acquisition of Grown Alchemist as an opportunity to accelerate brand growth, as we gain more strategic flexibility and autonomy outside of a listed group," she added.
"We are appreciative to the group for their open-mindedness and support for this transition in line with growth strategies of both parties involved."
Grown Alchemist in a statement said that it will now focus on "large scale activations" in lifestyle, music and retail.
The brand was founded in 2008 by brothers Keston and Jeremy Muijs.
