Hong Kong-listed beauty products retailer L’Occitane may be taken private after at least one expression of interest in the business from a private equity investor. London-based private equity group Advent International has reportedly enquired about acquiring the company, which has an estimated US$2.7 billion market value.
L’Occitane’s appeal has grown since listing on the HKSE eight years ago in a move to pursue Asian customers. While none of the parties involved have commented, sources close to L’Occitane have confirmed to European business media that “a number of potential buyers” are showing signs of interest.
L’Occitane is thought to be well-positioned to take advantage of a fast-growing cosmetics and skincare market in the region, brought on by the expansion of the middle class and the Chinese tourism boom.
L’Occitane’s is chaired by Austrian investor Reinold Geiger, who has overseen its growth internationally to 1555 outlets in 90 countries. The firm is experiencing sales growth in Hong Kong and China, as well as the US.
It recently unveiled new concept stores in Canada and New York showing its future direction.