Grown Alchemist goes private
THE WHAT? Grown Alchemist has announced that it will no longer be part of the L’Occitane Group and will instead be privately owned. Andre Hoffmann, former L’Occitane Vice Chairman, CEO and existing Board Member, has acquired a majority stake in the brand.
THE DETAILS Grown Alchemist CEO, Anna Teal, has been named as a minority shareholder. The purchase price was disclosed as €28 million and the brand will be headquartered in London, UK.
THE WHY? Teal comments, “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. 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.”
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