According to Vogue, French beauty brand L’Occitane is acquiring Australian skin-care line Grown Alchemist in an effort to expand its portfolio and reach younger consumers.
“In acquiring a majority control in Grown Alchemist, with its appeal to more health-conscious, influential millennial and Gen Z customers, the group aims to further broaden its international consumer profile and market reach,” says L’Occitane in a statement.
And, we predict it will. According to Statista, the clean beauty market is estimated to reach $22 billion by 2024, and Grown Alchemist fits right into that category. Its products, which the brand labels as “Bio-compatible Beauty,” are formulated through a holistic scientific approach to transform the skin from the outside-in. Some of the bio-active ingredients used in its formulas are polylactic acid from corn starch, pink grapefruit and vitamin C, all of which leave skin looking refreshed and revitalized.
Once Grown Alchemist is acquired, Vogue reports that it will become a non-wholly owned subsidiary of L’Occitane, with co-founders Jeremy and Keston Muijs remaining in their roles and keeping a share in the company.
In a recent statement, L’Occitane CEO and vice-chairman André Hoffmann says, “With a unique and inspiring brand story and international fan base, Grown Alchemist is poised for international scalability and rapid growth.”
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