Elemis nears sale as five-year plan targets more than double sales

British skincare brand Elemis is reportedly close to finding a buyer, as confidential documents outline plans to more than double its sales over the next five years.

L’Occitane Group, which has owned Elemis since 2019, is understood to have been exploring a sale for several months after TheIndustry.beauty first reported in February that the brand was weighing a potential sale.

In a fresh update this week, The Business of Fashion revealed that the process is now approaching a conclusion, citing documents viewed by the publication.

According to WWD, private equity firm Pai Partners is in exclusive talks to acquire the British skincare brand, citing multiple sources.

Pai Partners already has investments in the beauty sector. In 2024, it acquired a majority stake in Beautynova, the professional haircare group, from Bluegem Capital Partners. Its broader consumer portfolio also includes Tropicana Brands Group, United Biscuits and Froneri.

L’Occitane hired Morgan Stanley to advise on the sale and was seeking a price of just under $1 billion, Axios reported in April.

That target is close to the $900 million L’Occitane paid for Elemis when it acquired the business from Steiner Leisure in 2019. The acquisition made Elemis a wholly owned subsidiary and expanded the group's prestige skincare portfolio alongside its core L’Occitane en Provence brand.

The update comes as the documents outline an ambitious five-year growth plan that aims to more than double Elemis' sales to $775 million. The strategy is centred on key growth drivers, including expanding its presence in the US, broadening its reach across Europe, the Middle East and China, and scaling its bodycare category.

The documents also reportedly project sales of $339 million this year, up from $306 million in 2025.

Founded in 1990, Elemis is best known for its Pro-Collagen skincare franchise and its combination of prestige skincare and spa treatments. 

Co-founder Noella Gabriel became Chief Executive in November 2025. She told Forbes in April that the company had more than 50 products in development for launch over the following three to five years.

The sale process also follows other leadership changes, including the departure of co-founder Oriele Frank in February after 33 years with the company. At the time of her departure, she served as Chief Product & Sustainability Officer.

L’Occitane itself returned to private ownership in 2024 after delisting from the Hong Kong Stock Exchange.