I am really amazed by this. I can hardly believe that Loccitane can afford it, for a start. Didn't they once have to be rescued themselves by some famous French skier? I saw in those articles yesterday that their sales are $1.4bn per year but that is not profit, is it? Can't remember the profit figure now, but Loccitane have a whole global branch network (I was pleased to see when on holiday in Aruba!) to support. We even have one in Putney!
I also read what one of the articles laughably called their global brand portfolio. Has anyone ever heard of any of these? Not exactly a success story to reassure Elemis is it?
Very, very odd IMHO
The L'Occitane Group has revenue of thousands of billions whereas Steiner who owns Elemis only has revenue of hundreds of millions