PAI Partners agrees to buy British skincare brand ELEMIS from L'Occitane Group
The Paris-based private equity firm plans to push the Pro-Collagen brand deeper into the US and digital channels, seven years after L'Occitane bought it as its first major acquisition.
L'Occitane Group and PAI Partners announced on 4 November 2026 that PAI has agreed to acquire ELEMIS, the British prestige skincare brand, from L'Occitane Group. The parties did not disclose the price, which the Business of Fashion also confirmed.
According to the announcement, ELEMIS nearly doubled net sales to over USD 300 million in FY2026 under L'Occitane's ownership. Closing is expected in the first quarter of 2027, subject to customary regulatory approvals and closing conditions.
A carve-out from a multi-brand beauty group
ELEMIS was founded in 1989 and is best known for its Pro-Collagen franchise. The company says its Pro-Collagen Cleansing Balm is the number one facial cleanser in the UK, citing Circana retail tracking data for the 12 months to September 2026. The brand sells cleansers, serums, moisturisers and specialist treatments, and it has a spa and cruise-ship channel alongside retail and online sales.
L'Occitane Group described ELEMIS as its first major acquisition. The Business of Fashion reported that L'Occitane bought the brand in 2019 for USD 900 million in cash, from previous owners Steiner Leisure and L Catterton. L'Occitane's remaining portfolio includes L'Occitane en Provence, Melvita, Erborian, L'Occitane au Brésil, Sol de Janeiro and Vranjes Firenze.
Reinold Geiger, chairman and CEO of L'Occitane Group, called the sale "a disciplined portfolio decision, focused on creating long-term value for the Group", according to the joint statement.
What PAI is buying
The announcement says the United States now accounts for about 50% of ELEMIS's net sales, after several years of double-digit annual growth there. Nearly half of the brand's sales are generated online, through its own direct-to-consumer site and digital partners, with the rest coming from beauty retailers, spas and travel retail.
The Business of Fashion, citing documents it had viewed, reported that the brand projects USD 339 million in sales this year, an 11% increase on 2025, and is targeting net sales of USD 775 million in 2031. Those figures come from the publication and were not part of the official announcement.
Growth priorities
PAI said it will work with the existing management team to reinforce ELEMIS's leadership in the UK, accelerate expansion in the US and grow in selected international markets, while broadening its reach through digital and premium retail channels. Product innovation around Pro-Collagen remains central to the plan.
"We see significant opportunities to accelerate growth in the US and expand the brand's digital business, while preserving its distinctive British identity," said Gaëlle d'Engremont and Colm O'Sullivan, partners at PAI, in the statement. Noella Gabriel, CEO and co-founder of ELEMIS, said she looked forward to taking the brand into its next phase of growth in partnership with PAI.
Advisers and timing
Morgan Stanley acted as lead financial adviser to L'Occitane Group, with CFI France as joint financial adviser and Skadden as transaction counsel. Perella Weinberg Partners and Raymond James advised PAI, with A&O Shearman as legal adviser. PAI manages about EUR 25 billion of assets and has completed more than 100 investments in 13 countries since 1994, according to the firm.
The Business of Fashion noted that it had reported in July that a deal was close to being finalised. The transaction is expected to close in the first quarter of 2027.
What it means for European founders and investors
The deal is a reminder that European private equity remains an active buyer of consumer brands with strong digital and US growth. For founders in beauty and consumer goods, ELEMIS's story is instructive: a 1989 spa brand that built a hero product, sold to a strategic group, and is now being carved out to a financial sponsor focused on international expansion.
It also shows how multi-brand groups are reshaping portfolios. Carve-outs like this create opportunities for advisers, for operators who can run standalone brands, and for challengers in categories where ownership changes. For other recent buyouts, see our coverage of Cinven's deal for Theramex and the latest deals on our funding page.
What happens next
The parties must secure regulatory approvals before closing, expected in the first quarter of 2027. On completion, PAI will become the owner of ELEMIS.
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