L'Occitane ups stake in Limelight by Alcone
L'Occitane International is increasing its stake in Limelight by Alcone in the United States (LimeLight USA). In May, the cosmetics group acquired 40 percent of the beauty brand, which now reaches 60.48 percent. L'Occitane is aiming to develop the brand, which it will rename LimeLife, but also its business model, and direct sales outside the United States.
The acquisition will also allow L'Occitane, owner of L'Occitane en Provence, Melvita, Erborian and L'Occitane brands in Brazil, to strengthen its brand portfolio of cosmetics brands based on natural ingredients. Moreover, the company listed on the Hong Kong Stock Exchange is now more cosmetics focused.
L'Occitane group, which in its last financial year ended March 31, 2017, recorded a turnover of 1.32 billion euros, up 3.2 percent, also announced the departure of its managing director since 2016, Domenico Trizio.
Joining the group in 2010 as Director of Operations, Trizio wishes to "pursue other professional interests," according to L'Occitane. A successor was not named.
Copyright © 2023 FashionNetwork.com All rights reserved.