L’Occitane Groupe is considering a return to public markets through a potential US initial public offering, less than two years after its billionaire owner took the skincare group private, according to sources cited by Bloomberg.

The company is working with JPMorgan and Morgan Stanley on a possible listing that could take place as soon as this year, although deliberations remain ongoing and the timing may still change.

The French skincare group was taken private in 2024 by Reinold Geiger and his backers, including Blackstone’s tactical opportunities fund and Goldman Sachs’ asset management arm, ending its 14-year run as a Hong Kong-listed company. That transaction valued L’Occitane at €6bn on an equity basis.

Founded in 1976, L’Occitane has expanded into a global beauty platform with eight brands, including Elemis, Sol de Janeiro, and Melvita. The group operates more than 3,000 stores across 90 countries.

According to its latest financial report, L’Occitane generated €2.8bn in sales in the year ended March 31, 2025. The Americas was the company’s largest market, contributing 46% of revenue, followed by Asia Pacific with nearly 30%, and Europe, the Middle East, and Africa accounting for the remainder.

Any US listing would mark a notable example of a sponsor-backed or founder-controlled consumer group returning to public markets after a short period of private ownership, as equity markets reopen selectively for scaled global brands. 

Representatives for L’Occitane, JPMorgan, and Morgan Stanley declined to comment.

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