Pai Partners Acquires Elemis From L'Occitane
The British skin care brand, founded in 1989, changes hands after seven years under L'Occitane Group ownership.
Updated on Nov. 4, 2026 in Beauty
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Pai Partners is acquiring British skin care brand Elemis from L'Occitane Group, with the deal expected to be sealed in the first quarter of 2027. The financial terms of the transaction were not disclosed.
Why it matters
Elemis's net sales nearly doubled under L'Occitane's ownership to more than $300 million in full-year 2026, signaling the brand's growth momentum as it moves to new owners. Pai sees significant opportunities to accelerate growth in the U.S. and expand Elemis's digital business.
Elemis makes almost half of its sales online, and its fastest-growing U.S. business generates about 50 percent of net sales. The disclosed terms of the Pai deal do not include a purchase price, so the valuation relative to L'Occitane's $900 million 2019 purchase cannot be determined.
The players
Pai Partners
Pai Partners is a European private equity firm that acquired a majority stake in the beauty company Beautynova in 2024.
L'Occitane Group
L'Occitane Group is a French cosmetics company that went private in 2024 and delisted from the Hong Kong Stock Exchange.
The details
Elemis, founded in 1989, is known for its Pro-Collagen franchise, and its Pro-Collagen Cleansing Balm ranks first among facial cleansers in the U.K. The brand's ownership change follows a period in which L'Occitane Group, which went private in 2024, has been restructuring its portfolio.
Timeline
1989: Elemis is founded.
January 2019: L'Occitane acquires Elemis for $900 million.
Full-year 2026: Elemis net sales exceed $300 million.
First quarter 2027: The Pai acquisition of Elemis is expected to be sealed.
Industry Dynamics
The Elemis transaction continues a pattern of private equity investors buying and reselling beauty and wellness businesses, following L Catterton's 2015 acquisition of Steiner Leisure for approximately $925 million. Such deals reflect investor interest in brands with strong digital sales and growth in markets such as the United States.
For consumers, the ownership change may matter most if it alters how Elemis products are sold, since almost half of the brand's sales already come through online channels. Shoppers who rely on the brand's Pro-Collagen line, including its Cleansing Balm, may see changes in availability or pricing as Pai pursues growth in the U.S. and digital sales.
The takeaway
Brands with strong online sales and a loyal product franchise, such as Elemis's Pro-Collagen line, continue to attract private equity buyers looking to accelerate growth. Consumers should watch for any changes to product lineups or availability once the deal closes.
What happens next
The Pai acquisition of Elemis is expected to be sealed in the first quarter of 2027.
Further reading
For more on the category, see Beauty coverage.
Source note: This article includes information reported by WWD.
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