The L’Occitane group has acquired an 83 percent stake in Brazilian-inspired body care brand Sol de Janeiro as part of a strategy to expand its premium beauty offer.
Upon the deal’s closure, Sol de Janeiro will become a majority-owned subsidiary of L’Occitane group. The value of the deal has not yet been disclosed.
L’Occitane said Sol de Janeiro is a strategic fit in terms of brand recognition and identity, product quality, management capability, as well as growth, profitability, and cash generation prospects.
“With a compelling brand story and an experienced and entrepreneurial management team, Sol de Janeiro reflects our values and premium beauty image,’ said Andre Hoffmann, vice chairman & CEO of L’Occitane.
“Sol de Janeiro’s digital presence and established body care business are complementary to the group’s balanced geographical strategy to build a portfolio of strong brands in all major geographical regions,” the company said in a statement.
Sol de Janeiro is expected to strengthen L’Occitane’s international presence to expand into new markets.
Founded in 2015 in the US, Sol de Janeiro has become one of the fastest-growing premium skincare brands in North America and is known for its body care, fragrance, and hair care products designed for multi-generational consumers.