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L'Occitane to buy British skincare brand Elemis for $900M

Cosmetics and skincare products maker L'Occitane International SA agreed to acquire British brand Elemis Ltd. from Steiner Leisure Ltd., a portfolio company of private equity firm L Catterton, for $900 million.

Elemis was established in 1990 and offers skincare products, such as moisturizers, serums, cleansers and facial oils, as well as bath and body products, such as body oils, exfoliators, and bath and shower wash.

The brand partnered with Steiner Leisure in 2015. Steiner Leisure also owns New York skincare brand Bliss, Chinese herbal medicine brand Jou, French medi-spa brand La Thérapie, skincare brand Laboratoire Remède and English haircare brand Steiner.

In a statement, L'Occitane Chairman and CEO Reinold Geiger said the company aims to expand Elemis' global footprint following the transaction.

The deal is expected to close in the first quarter of 2019.