L'Occitane to buy ELEMIS from Steiner Leiusere for $900m.

Beauty products maker and retailer L'Occitane International will buy beauty and skincare brand ELEMIS for a maximum of $900m as the Hong Kong-listed firm aims to build a portfolio of premium cosmetics brands. “This is L’Occitane’s largest acquisition since listing and a major step forward in building a group of premium beauty brands. ELEMIS presents a truly unique opportunity that fits us perfectly in terms of brand ethos, product quality, management capability, as well as growth and profitability trajectory.” L’Occitane’s chairman and CEO Reinold Geiger said. L'Occitane firm would buy Elemis USA and Elemis Ltd from Steiner Leisure Ltd in a deal to be funded by cash on hand and bank borrowings. The deal is expected to close in the first quarter of 2019.