Geiger, who owns more than 70% of L’Occitane, was allegedly studying the possibility of buying out minority shareholders of the Hong Kong-listed public group.
However, according to Reuters, Geiger has decided against a potential deal to take the company private, curbing speculation of a possible European listing.
L’Occitane First Quarter Results
This development comes months after the group released stellar growth results in the first quarter.
The group had a solid start to FY2024 with net sales of €502.2 million ($546.9 million) in FY2024 Q1, representing growth of 20.2% at reported rates or 24.5% at constant rates. The growth was mainly driven by the performance of Sol de Janeiro and the growth of L’Occitane en Provence with a recovering trend in China.