PARIS — Natural beauty brand Couvent des Minimes has a new owner.
Groupe L’Occitane said on Tuesday that it has sold the label to French investment concern HLD Group and Didier Tabary, chairman of Laboratoires Filorga and SVR Laboratoires, which are also part of HLD’s portfolio. Financial terms of the deal were not disclosed.
“This sale will allow the concentration of our teams’ work and marketing investment to be on our largest brands: L’Occitane en Provence, L’Occitane in Brasil, Melvita and Erborian,” Reinold Geiger, chairman and chief executive officer of L’Occitane, said in a statement. “The HLD Group and Didier Tabary have demonstrated in the past their knowledge of how to develop brands in selective distribution and pharmacies. This savoir faire will allow the Couvent des Minimes brand to pursue its development under the best conditions.”
“Couvent des Minimes, an authentic and natural brand, is complementary to the Filorga and SVR brands, specialists in antiage and dermocosmetics,” continued Tabary, adding commercial synergies can also be formed between the labels, since they have distribution channels in common.
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“But it’s foremost all the authentic aspects — ethics and botanical effectiveness — that interest us,” he added.
The Couvent des Minimes brand, created in 2004, was named after a convent built in 1613 in the village of Mane, in the south of France, which was turned into a hospice in 1862. The label specializes in natural cosmetics based on medicinal herbs, with bestsellers including balms and colognes.
Couvent des Minime’s products are sold in more than 15 countries, mostly through selective distribution, such as pharmacies and perfumeries. The brand registers annual sales of 10 million euros, or $10.7 million at current exchange.
Couvent des Minimes will join HLD’s cosmetics division that also comprises Filorga and SVR. “[It] can benefit from a presence in 85 countries, as well as commercial synergies and large production capacity,” L’Occitane said in the statement.
Tabary acquired Filorga with HLD in 2006 with the goal of making aesthetic medicine widely available. In 2007, the Filorga medical laboratory introduced a range of antiaging cosmetics for the general public. It’s now sold in more than 7,000 sales points – including pharmacies, health and beauty shops, and select chains – around the globe in over 60 countries.
The brand, which last year established a subsidiary in Poland, registers annual revenues of 90 million euros, or $96.3 million, ten times its sales in 2006.
Three years ago, Tabary and HLD purchased SVR, then one of France’s last family-owned dermocosmetics labels.
For its part, HLD makes long-term investments in French businesses taking an entrepreneurial approach. HLD’s portfolio of companies has yearly sales of more than one billion euros, or $1.07 billion, and employs almost 10,000 people.