EL7.AI
Mergers & AcquisitionsMedium•4 November 2026•
3 min read

PAI Agrees to Acquire Elemis, Targets Expanded U.S. Presence for Brand

Key Facts

1L’Occitane announced its acquisition of Elemis in 2019 and described the deal as its largest acquisition since its stock market listing.
2L’Occitane set the maximum consideration for its previous purchase of Elemis at $900 million.
3Elemis plan documents projected sales of $339 million in 2026, compared with $306 million in 2025, according to a July 31, 2026, report.
4An earlier report said L’Occitane sought a price just under $1 billion to sell Elemis.

PAI Partners said it has agreed to acquire skincare brand Elemis from L’Occitane Group, transferring ownership of the British brand to a new investor after the group acquired it in 2019. PAI said its plan focuses on accelerating Elemis’ growth in the United States and expanding its presence in digital channels and luxury retail markets. The company added that it intends to preserve the brand’s distinctive identity. The announcement ends L’Occitane’s ownership, which began with the previous acquisition, according to the group’s records. PAI’s available statement did not include verified details on the deal’s value or expected completion date.

The significance of the ownership transfer rests on Elemis’ place in L’Occitane’s portfolio and the value of the previous acquisition. The group announced in January 2019 that it had bought the brand, describing the deal as its largest acquisition since its stock market listing. It set the maximum consideration at $900 million at the time, according to its official statement. Elemis was also described then as a global brand in the distribution and innovation of beauty and skincare products. That record provides context for the scale of the investment L’Occitane had previously committed to the brand.

The announced expansion plans build on growth previously associated with the brand in key markets. In its 2019 acquisition announcement, L’Occitane said Elemis had achieved strong profitable growth in the United States and was one of the leading skincare brands in the United Kingdom. PAI, meanwhile, links its current plan to accelerating growth in the U.S. market and strengthening its digital and luxury retail presence, while preserving the brand’s distinctive identity. These priorities point to a continued focus on the United States and on the sales channels cited by the company. The available statement did not specify numerical targets for the plan.

Separately from the deal announcement, a report by TheIndustry.beauty on July 31, 2026, said Elemis plan documents projected sales of $339 million that year, compared with $306 million in 2025. The report said the current-year sales target was close to the nearly $900 million L’Occitane paid to buy the business from Steiner Leisure in 2019. These figures appeared in an earlier report on the growth plan and are not financial results announced as part of PAI’s agreement to acquire the brand. The report also said L’Occitane had hired Morgan Stanley to advise on the sale and that the asking price was just under $1 billion, citing Axios in April 2026.