L’Occitane Group acquires Dr. Vranjes Firenze
Florentine artisanal home scent brand Dr. Vranjes Firenze was created in 1983 by Dr. Paolo Vranjes and aims to combine artisanship with fragrance science innovation. Its reed diffuser bottles are designed to resemble the shape of the Brunelleschi Dome of the Florence Cathedral.
The L’Occitane Group said the brand had put emphasis on in-house production and R&D with a ‘Made in Florence’ experience. Its range mainly includes high-end home diffusers, but it also offers scented candles and a growing line of personal fragrances.
The brand sells into 75 global markets, has 28 mono-brand stores and 650 points of sale.
Before this new acquisition, Dr. Vranjes Firenze had previously been acquired by European private equity firm Bluegem in 2017 and according to Market Screener the new deal valued the brand at around €150m.
In recent years, Bluegem had focused on lifting online sales and international expansion, particularly in Asia and the Middle East. The private equity said the business had more than tripled its sales since it took control, with revenue surpassing €42m last year.
It is said that the brand currently commands 13% of the high-end home diffuser market and is second only to Dutch wellbeing/beauty company Rituals.
Chairman of the L’OCCITANE Group, Reinold Geiger, said the new acquisition was: ”complementary to our existing collection of premium beauty and fragrance brands, each with a strong identity and a genuine desire to make a difference.’
While Founder and Chairman of Dr. Vranjes Firenze, Paolo Vranjes, said he was pleased to work with the L’Occitane Group, which was “known for its distinguished heritage and expansive global reach.”
The transaction is expected to complete at the end of Q1 2024.
