CHAILEEDO learned that today (September 13) at 9:00 a.m., the Hong Kong-listed company L’Occitane announced it would officially cease trading its shares until it fully withdraws from its listing status. This marks the end of L’Occitane’s 14-year journey on the Hong Kong Stock Exchange, as it prepares for privatization and delisting.
It is understood that on May 7, 2010, L’Occitane was listed on the main board of the Hong Kong Stock Exchange (HKEX: 0973), becoming the first French company to be listed in Hong Kong.
According to public information, L’Occitane was founded by Olivier Baussan in 1976. It is an international retail company specializing in the production and sale of personal care and home products. The main production base is located in Manosque, France, and the company operates under principles of “comfort and pleasure,” “authenticity and purity,” and “care and respect.” L’Occitane offers a variety of products, including skincare, fragrances, and home goods, and has grown into a globally recognized brand with over 1,550 boutique stores in nearly 90 countries.
According to an earlier report by CHAILEEDO, L’Occitane had announced in April that its chairman, Reinold Geiger, proposed acquiring the remaining L’Occitane shares he did not own for HK$34 per share, valuing the transaction at €6 billion, with plans to delist L’Occitane from the Hong Kong Stock Exchange.
L’Occitane stated in the announcement that the purpose of privatization is to allow the current management team to remain in place and operate the business, enabling more flexibility in investments and more effective execution of strategies.
On August 6, L’Occitane issued another announcement stating that it would send compulsory acquisition notices to all remaining shareholders to forcibly acquire all outstanding shares. It also applied to the Hong Kong Stock Exchange to halt share trading at 9:00 a.m. on September 13, 2024, which was approved by the exchange.
According to the latest disclosed financial report, as of March 31, 2024, L’Occitane achieved net sales of €2.542 billion for fiscal year 2024, a year-on-year increase of 19.1%, and 24.1% growth at constant exchange rates. L’Occitane attributed this growth mainly to the continued success of Sol de Janeiro and the stable performance of L’OCCITANE en Provence in China. However, due to increased marketing expenses in key markets and channels, operating profit declined by 2.5% to €233.1 million.
