Grown Alchemist has new owners. L’Occitane has divested from the Australian beauty brand it acquired in 2022, and sold a majority stake to the group’s former Vice-Chairman and former Chief Executive Officer and existing Board Member, André Hoffmann. In parallel, Grown Alchemist CEO, Anna Teal, has acquired a minority shareholder.
The transaction was agreed at a total price of 28 million euros (about USD 30 million). The brand will be headquartered in London, U.K.
The new owners want to accelerate the brand’s growth, in particular in key markets such as North America and China, through increased business agility, and large scale partnerships and activations in lifestyle, music, and retail.
“The L’Occitane Group has been an incredible partner and supporter of the business since its acquisition of a majority control in 2022, enabling us to establish a strong foundation for growth, a stellar team, investment in product enhancements and new market entries,” said Teal, CEO of Grown Alchemist. “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. We are appreciative to the Group for their open mindedness and support for this transition in line with growth strategies of both parties involved.“
Founded in Australia in 2008, Grown Alchemist is available in over 40 countries in retail chains, such as Sephora and Credo Beauty, and in 5-star hotels & spas.
