L’Occitane Group has sold its entire stake in Australian skincare brand Grown Alchemist for 28 million euros (US$30 million) to Lavender Investments owned by Andre Hoffmann, former vice chairman and CEO of L’Occitane International. 

L’Occitane Group said the transaction will help the group focus its resources and attention on its core brand L’Occitane en Provence, and accelerate the growth of its other brands. 

The move comes two years after L’Occitane Group acquired a majority stake in the beauty brand. Grown Alchemist’s CEO, Anna Teal, will become the minority shareholder and retain her role in the company. 

“We see this acquisition of Grown Alchemist as an opportunity to accelerate brand growth, as we gain more strategic flexibility and autonomy outside of a listed group,” said Teal. “We are appreciative to the group for [its] open-mindedness and support for this transition in line with growth strategies of both parties involved.”

The brand will be headquartered in London. Grown Alchemist said the move will help it accelerate growth and drive development in key markets including North America and China. 

Founded in Australia in 2008 by Melbourne siblings, Jeremy and Keston Muijis, Grown Alchemist has a presence in more than 40 countries. The brand expanded into China last year through an exclusive partnership with Sephora China.