PAI Partners has agreed to acquire British premium skincare brand Elemis from L'Occitane Group, marking the private equity firm's latest investment in the consumer and beauty sector, according to a company announcement. Financial terms were not disclosed.

L'Occitane acquired Elemis in 2019 and has since nearly doubled the brand's annual net sales to more than $300m in FY2026. The US now accounts for approximately half of revenues, following several years of double-digit annual growth, while online sales represent almost 50% of the business.

Under PAI's ownership, Elemis will reportedly focus on accelerating US expansion, strengthening its UK market position and developing additional international markets. The investment strategy will also prioritise digital distribution, selective premium retail expansion and product innovation around the brand's established Pro-Collagen skincare range.

The acquisition gives PAI exposure to the global premium skincare market, estimated at approximately $170bn, as consumer demand for higher-value beauty and wellness products continues to grow. The transaction is reportedly expected to close in the first quarter of 2027, subject to regulatory approvals and customary closing conditions.