L’Occitane boosts its long-term growth trajectory
In 2024, L’Occitane International S.A., a global multi-brand group specialising in premium beauty and wellness products, initiated a voluntary delisting from the Hong Kong Stock Exchange.
This strategic decision was led by its majority shareholder, The L’OCCITANE Group, controlled by Reinold Geiger. The goal was to grant the company greater autonomy in its business decisions. With the expertise of Crédit Agricole CIB in strategic financing and hybrid solutions, The L’OCCITANE Group successfully executed this transaction, strengthening its long-term sustainable growth trajectory across its brand portfolio.
A Tailor-Made Structured Financing for a Successful Voluntary Delisting
In April 2024, L’Occitane International S.A. announced its voluntary delisting from the Hong Kong Stock Exchange by launching a public tender offer to buy back shares held by minority investors.
For the L’OCCITANE Group, this large-scale transaction served multiple strategic objectives. It provided the company with greater freedom to implement its long-term vision without the short-term constraints imposed by the stock market. Additionally, by delisting from the Hong Kong Stock Exchange, the company could accelerate investments in sustainable growth and innovation while shielding itself from market fluctuations. Finally, the transaction allowed minority shareholders to monetise their shares, given the stock’s limited liquidity.
The Key Role of Crédit Agricole CIB
To finance this major strategic transaction, the L’OCCITANE Group benefited from Crédit Agricole CIB’s support and expertise at every stage of the process.
Firstly, in the search for potential capital providers, a competitive bidding process was organised, during which Blackstone and Goldman Sachs Alternatives were shortlisted. Crédit Agricole CIB acted as the L’OCCITANE Group’s financial advisor for a quasi-equity raise of up to €1.6 billion.
Additionally, we served as the sole underwriter and bookrunner for a set of acquisition and refinancing facilities totaling €1.36 billion.
The L’OCCITANE Group also leveraged our expertise in syndication and our ability to mobilise diversified financial resources to optimise the distribution of raised funds.
Finally, Crédit Agricole CIB played a role as a hedging bank alongside J.P. Morgan in a strategic foreign exchange transaction.
This landmark transaction showcases our expertise in complex hybrid deals and once again demonstrates our ability to support clients in major strategic and financial transformations.
Elsa Ferreira
Senior Banker MidCaps
