CEO Offers HKD 34 per Share to Take L’Occitane Private

We think L’Occitane’s growth over the next five years will largely depend on the performance of Elemis and Sol De Janeiro. Elemis, a premium skincare brand acquired in March 2019, is predominantly sold in the UK and US, with few sales elsewhere. Whether Elemis can repeat its success in other markets, especially China, will make a big difference in L’Occitane’s fortunes, given the steep price L’Occitane paid for the acquisition.