L’Occitane Group has released its financial report for the nine months ending on December 31, 2023 (FY2024 9M), showcasing a solid sales performance. Net sales during this period reached €1.915 billion ($2.07 billion), indicating a growth rate of 18.9% at reported rates and 24.8% at constant rates. The Group’s success can be attributed to the impressive performance of Sol de Janeiro, the satisfactory results of ELEMIS, and the steady growth of L’OCCITANE en Provence in China.
For the three months ending on December 31, 2023 (FY2024 Q3), net sales amounted to €843.4 million ($912.47 million), reflecting a growth rate of 19.5% at reported rates and 24.6% at constant rates.
Analyzing the performance of individual brands, L’OCCITANE en Provence achieved €1.087 billion ($1.18 billion) in FY2024 9M, representing a slight decline of 2.6% compared to the previous year. Despite this, the brand achieved a growth rate of 2.6% at constant rates during the same period. This growth was primarily driven by double-digit sales growth in China and strong holiday performances in the US and the UK. However, there was a single-digit sales decline in EMEA (Europe, Middle East, and Africa) and a low-teens percent sales decline in the travel retail channel. Excluding the divestment of the Russian market in June 2022, L’OCCITANE en Provence posted sales growth of 3.3% at constant rates in FY2024 9M.
ELEMIS achieved €196.8 million ($212.92 million) in FY2024 9M, showcasing a growth rate of 8.4% year-on-year. The brand returned to double-digit growth, reaching 12.0% at constant rates in FY2024 9M. ELEMIS executed a solid holiday season, aligning with its premiumization strategy which involved reducing the value offering. In FY2024 Q3, the UK and the US experienced growth rates of 23.2% and 19.4%, respectively, at constant rates. Excluding the maritime channel, the US domestic business grew by 24.9% during the quarter.
Sol de Janeiro achieved €474.4 million ($513.25 million), demonstrating an extraordinary year-on-year growth of 166.8%. The brand maintained its remarkable sales momentum with a growth rate of 199.1% at constant rates in FY2024 9M. Sol de Janeiro experienced triple-digit growth in all geographies, driven by a record-breaking holiday season, the launch of a new body cream, Delicia Drench Body Butter, and an accompanying fragrance mist. The brand also expanded its distribution through a significant multi-brand partner in the US.
Geographically, the Americas led the growth for L’Occitane Group, with a growth rate of 67.1% at constant rates in FY2024 9M. This growth was primarily driven by Sol de Janeiro’s success in the US. The Asia-Pacific region (APAC) experienced a growth rate of 6.7% at constant rates in FY2024 9M, largely contributed by the strong growth of 21.9% at constant rates in China, thanks to L’OCCITANE en Provence and the ongoing development of ELEMIS. EMEA grew by 4.3% at constant rates in FY2024 9M, mainly due to the encouraging results of Erborian and Sol de Janeiro, as well as ELEMIS in the UK. Excluding Russia, EMEA grew by 6.9% at constant rates.
Mr. André Hoffmann, Vice-Chairman & Chief Executive Officer of L’Occitane, expressed his satisfaction with the decent holiday season, which enabled the Group to maintain its growth momentum and outperform in the premium beauty market in China and other key markets. He also highlighted the pleasing return to growth by ELEMIS, aligning with their long-term profitability strategy and ongoing premiumization efforts.
