L'Occitane mulls going private after strong growth

L'Occitane International's (0973) controlling shareholder is considering a move to take the skin-care company private, as its revenue in the quarter ending in June grew, boosted by recovery in China.

Billionaire chairman Reinold Geiger is said to be studying the possibility of buying out minority shareholders of the Hong Kong-listed group. He's been exploring various financing options for the potential deal, sources said.

Meanwhile, L'Occitane International said its sales grew 24.5 percent at constant rates to EUR502.2 million (HK$4.34 billion) for the quarter ended June, thanks to a recovery in China.

The French beauty brand recorded EUR179.7 million in revenue in the Asia-Pacific region during the first quarter of the fiscal year 2023/24, up by 11.2 percent at constant rates, while the same-store sales climbed by 6.1 percent over the same period.

Sales revenue in the Americas region amounted to EUR202.5 million, representing a 57.5 percent increase at constant rates and a 15.3 percent rise in same-store sales.

In Europe, Middle East and Africa, sales revenue advanced 6.4 percent to EUR119.9 million at constant rates, with same-store sales up 0.9 percent.