L’Occitane International could soon fall under private equity giant Blackstone’s portfolio.
According to Bloomberg, citing people familiar with the matter, the US firm has been conducting preliminary due diligence while it evaluates a potential buyout bid.
It is also reportedly considering the possibility of teaming up with billionaire Reinold Geiger for the takeover.
Geiger is the controlling shareholder of the skin care player via his investment holding company L’Occitane Groupe.
Last year, L’Occitane International, which is Hong Kong listed, confirmed that L’Occitane Groupe was contemplating a possible transaction.
A 9 August Bloomberg article reported that Geiger was looking to buy the minority of shares he didn’t already own in L’Occitane International with the eventual aim of seeking a higher valuation for the beauty company via a European listing.
However, this was shelved not long after, resulting in a 30% share plunge.
Shares in L’Occitane International jumped 15.4% to HK$30 following rumours of Blackstone’s interest.
However, Bloomberg’s report said that deliberations are at an early stage, with no certainty they will lead to a proposal.
The Luxembourg-headquartered company could also attract interest from other suitors, it added.
Blackstone is no stranger to beauty brand ownership, having acquired a majority stake in sunscreen label Supergoop! in 2021.
It has been a busy start to the year for L’Occitane Group, which appointed Laurent Marteau as its new Group CEO in January.
Marteau will take over the role, which combines the responsibilities of CEO and Group MD into one role, from 1 April.
He replaces André J Hoffmann, who has acted as Group CEO since 2021.
