L’Occitane International maintained its sales momentum in the nine months ended 31 December 2023, with net sales reaching EUR 1,915.3 million, representing 18.9% growth at reported rates and 24.8% growth at constant rates. The growth was mainly driven by the continued surge in sales of Sol de Janeiro, the decent performance of Elemis and the steady growth of L’Occitane en Provence in China.
In the three months ended 31 December 2023 (FY2024 Q3), net sales amounted to EUR 843.4 million, representing growth of 19.5% at reported rates and 24.6% at constant rates.
In terms of performance by brands, L’Occitane en Provence’s growth slowed slightly to 2.6% at constant rates in the nine first months of fiscal year 2024 (-2.6% in reported rates). According to the group, this was the combined result of double-digit sales growth in China and strong holiday performances in the US and the UK, partially offset by a single-digit sales decline in EMEA and a low-teens percent sales decline in the travel retail channel.
Thanks a solid performance in the UK and the US Elemis, returned to double-digit growth of 12.0% at constant rates.
Sol de Janeiro maintained its stellar sales momentum with 199.1% growth at constant rates in FY2024 9M. The brand saw triple-digit growth across all geographies.
Other brands (LimeLife, Melvita, Erborian, L’Occitane au Brésil and Grown Alchemist) together delivered a growth of 10.9% at constant rates for FY2024 9M. Erborian and L’Occitane au Brésil performed particularly well with 32.8% and 36.8% growth respectively at constant rates.
In terms of regional performance, the Americas led the growth with 67.1% at constant rates in FY2024 9M, mainly driven by Sol de Janeiro in the US.
“We delivered a decent holiday season, which enabled us to maintain our growth momentum and relative outperformance in the premium beauty market in China and other key markets. It was also pleasing to see Elemis return to growth in light of our ongoing premiumization strategy to support its long-term profitability,” said André Hoffmann, Vice-Chairman & Chief Executive Officer of L’Occitane.
“We will continue to build on the accelerating growth of Sol de Janeiro as we steadily expand its product and category range, and the scale and reach of its distribution. We will also further build on the healthy growth of other brands, including our recently acquired luxury home fragrance brand, Dr. Vranjes Firenze, to round out our portfolio,” he concluded.
