Crédit Agricole CIB’s Post

L’Occitane International is set to be taken private by its billionaire owner in a further shuffling of the pack in the luxury goods sector. Shares in the skincare specialist, which is listed in Hong Kong, were suspended last night ahead of what is expected to be a takeover by Reinold Geiger backed by US private equity group Blackstone. Neither company made any comment when questioned by local media. L’Occtitane has a market value of about HK$43.6 billion (US$5.6 billion) with chairman Geiger in control of more than 70% of the company. Founded in 1976 by Olivier Baussan in Provence, Geiger has been instrumental in the growth of the business since becoming a minority shareholder in 1994. L’Occtitane floated in Hong Kong in 2010 and now has eight brands and some 3,000 locations in 90 countries with the Americas now overtaking China its fastest-growing region due to increasing competition from global brands... More at #Proactive #ProactiveInvestors http://ow.ly/znTi105oWSO

L'Occitane wrapped up its 14-year presence on Hong Kong’s stock exchange last Thursday, with shares halted the following day and an official delisting set for mid-October. This move reflects growing concerns about market valuations, as major shareholder Reinold Geiger's decision to privatise the company highlights challenges for foreign brands in Hong Kong. Analyst Mike Leung emphasises, “The current sluggishness in Hong Kong makes it challenging for international companies to achieve optimal valuations here.” As the trend of privatisation and dual listings abroad gains momentum, with companies like Samsonite considering options in the US, the future of Hong Kong’s market remains uncertain. Will this pattern persist, or can the market regain its appeal? #HongKongMarket #Valuation #Buyouts #LOccitane

Puig setting to price IPO at top of range! Spanish beauty group Puig who own brands including Paco Rabanne, Charlotte Tilbury and Carolina Herrera will list at the end of this week and are aiming to reach a market capitalisation of close to €14 billion ($15.01 billion), according to Reuters. Any bids from investors coming in below €24.50 were at risk of missing out according to terms from Puig’s bankers. Puig aims to price its IPO on Tuesday 30th April, with a view to start trading on the Spanish bourse on Friday. It is set to be Spain's largest initial public offering in almost a decade. #luxurybeauty #luxury #beauty #markets #puigIPO #puig #financialmarkets #beautybusiness #spain #European #euro

"(Bloomberg) -- L’Occitane International SA’s billionaire owner Reinold Geiger is nearing a deal to take the skin-care company private with funding help from Blackstone Inc., people familiar with the matter said, potentially ending its 14-year run on Hong Kong’s stock exchange. L’Occitane is facing an increasingly challenging market in China, where global brands such as L’Oreal SA and Estee Lauder Cos. are rolling out frequent discounts to compete for a larger market share, and where domestic brands are rising on the back of nationalism. While China was the brand’s top market by sales in financial years 2021 and 2022, it was surpassed by the US last year. The group has also seen declining profits in recent years. In the financial year through March 2023, L’Occitane’s profit plunged 51% from a year earlier, while in the six months through September, profit fell 38%." https://lnkd.in/gtUEFFsB

Going public is not always a magic wand: L'Occitane is preparing to go private again. L’Occitane Holding SA, a wholly-owned subsidiary, will acquire the remaining shares which will lead the way to the final steps of privatizing the company. In April, L'Occitane said that a mix of industry dynamics — including its increasingly competitive environment — and pressures of operating as a listed company underlies the rationale for going private. L'Occitane was founded in 1976 by Olivier Baussan, with the purpose to create a company that celebrates and preserves the traditions of his native Provence. In the 90' Baussan sold a majority to venture capitalists to finance expansion, but it proved out that the investors and the founder had very different views and Baussan found himself to be a Steve Jobs of the cosmetic industry, outed from the company he had founded. In '94 an Austrian businessman bought 33% of the company and asked Baussan to return as the creative director and lead product development. In 2001 family owned Clarins invested in L'Occitane. In 2010 L'Occitane was publicly listed. 14 years fast forward, the company is going back private. Mr. Geiger is presently the Chairman and it would seem that Mr. Baussan is no longer involved in the management of the company, but Mr. Geiger has previously worked with Mr. Baussan. The last few years have been a roller coaster of mergers and acquisitions, filing for bankruptcy for the cosmetic business, with all the challenges the pandemic and post pandemic times have brought us. It would sometimes seem that, for family companies, starting from the vision of one person, the company is sometimes dependent on the vision of the founder, as it was with Annita Roddick's The Body Shop. #cosmetics #trends #cosmeticmarket #markettrends #loccitane #ipo #economictrends

We are thrilled to announce that Give Back Beauty has successfully acquired AB Parfums, formerly known as Angelini Beauty SpA, along with its subsidiaries, assets, brands, and licenses, from Angelini Industries. This acquisition marks a milestone in our journey to expand both our brand portfolio and distribution reach. New added brands in our portfolio include owned brands such as Trussardi, and licensed brands such as Laura Biagiotti, Angel Schlesser and Armand Basi alongside some iconic distributed L’Oréal Group brands, such as Ralph Lauren, Maison Margiela, Cacharel, Diesel, Azzaro, and Viktor & Rolf. AB Parfums will operate within the GBB Group as a new dedicated business unit for European lifestyle and prestige brands within the fragrance and beauty sectors. This acquisition also enhances GBB’s overall European distribution footprint since it reinforces GBB's ‘direct-to-retail’ presence in key countries like Italy, Germany, and Spain. For this transaction, BNL BNP Paribas served as the global coordinator and sole underwriter for GBB. This strategic step reflects our commitment to excellence and leadership in the fragrance and beauty industry. Read the full press release for more details: https://lnkd.in/dAQgJJeR #Acquisition #Growth #Fragranceindustry #GiveBackBeauty #GBB #ABParfums

Puig Brands, a global company in the premium beauty products market with a diversified presence across brands, product categories and regions, has started trading on the Barcelona, Madrid, Bilbao and Valencia Stock Exchanges (Spanish Stock Exchanges) under the ticker symbol “PUIG”. The listing follows the Initial Public Offering of 2,610 million euros. Including the over-allotment option of up to 390 million eruos, the total size of the offer is up to 3 billion euros, making it the largest IPO in Europe this year. Linklaters Spain have advised Puig on its IPO. This deal has been led by partners Íñigo Berrícano, Pablo Medina and Luis Roth (all pictured), with support from Cristina Yanguas, Luis R. and José Alemán. Read the full article >> https://lnkd.in/dXV-gRzz #IberianLawyer #legaladvisor #IPO

Today marks an important milestone for Golden Goose as it announces a c.12% strategic minority investment from Blue Pool Capital. In 2020, the Permira funds acquired a majority stake in Golden Goose with the goal of accelerating growth through D2C channels, broadening the product offering and supporting the company's mission to become a category leader in sustainability. Since then, Golden Goose has doubled its revenue, grown its community to around two million customers, and expanded to more than 200 stores across the Americas, Europe, the Middle East and APAC. This strategic investment from Blue Pool is testament to Golden Goose's financial performance and potential as a global luxury brand. Blue Pool’s deep expertise in the sports, entertainment and consumer industries, coupled with its deep knowledge of the APAC market, will help the company further expand its reach and deepen the bond between Golden Goose and its large and growing community of customers. Welcome Oliver Weisberg and Blue Pool Capital to the Golden Goose family. We're looking forward to the next chapter of this journey together alongside Silvio Campara and his entire team! https://lnkd.in/exjFUHQc

LVMH flagged some concerning trends in the US and Chinese luxury markets in its first-half results. Japan is doing better, but that isn’t all good news, the owner of Tiffany & Co. and Bulgari explained. What’s behind the slowdown at these top brands? Watch here: https://lnkd.in/e9XheiHC And subscribe now to our Rapaport YouTube Channel (@RapaportYT) #RapaportMarketComment

[#Retail] The #American businessman, a specialist in #realestate and #distribution, is reported to have taken over the #German department store chain GALERIA Karstadt Kaufhof GmbH from its #Austrian owner, the SIGNA Group of Companies, which is in the throes of a #financial and #legal collapse. Richard Baker is said to be allied in the deal with German Bernd Beetz, ex-managing director of Coty, LVMH and Christian Dior SE. #BusinessAcquisition #InternationalExpansion #DepartmentStores #Investments #ExecutiveExperience https://lnkd.in/e5_aadFA