French Occitane buys Dr. Vranjes perfumes

Bluegem, a pan-European private equity fund specialising in FMCG, has announced the sale of the luxury home fragrance brand, Dr. Vranjes Firenze, to French multinational beauty products chain L'Occitane. The price and financial details of the deal were not disclosed, but the handover marks a significant milestone in the development of the Florentine brand, which was founded in 1983.

After acquiring a majority stake in the company in 2017, Bluegem oversaw its evolution from a predominantly domestic to a global brand, becoming a globally recognised name. Under the fund's leadership, Dr. Vranjes has more than tripled sales, exceeding €42m in 2023, with a margin on revenue of over 30%.

Over the past six years, the significant increase in profitability was the result of Internet sales, which now account for 25% of total sales. The expansion of the brand into new geographic markets, particularly in the Middle East and Asia, together with the introduction of innovative new product lines such as personal perfumes and scented candles, ultimately drove expansion.

The brand has a network of 28 mono-brand shops and 650 points of sale. Emilio Di Spiezio Sardo, founder of Bluegem, commented: 'The success story of Dr. Vranjes aligns with our strategic vision, which cultivates companies with stable consumer demand, driven by premium yet affordable products and recurring consumption, which ensures business resilience through macroeconomic cycles. We extend our deepest gratitude to Paolo Vranjes, for his visionary leadership, innovative spirit and valuable partnership".

The signing is expected by the end of the first quarter of 2024. The sellers were advised byRothschild & Co, BPER, Deloitte, New Deal Advisors, Latham & Watkins, Studio Galgano,DLA Piper,Gattai Minoli and ERM. The buyer was assisted byLegance, Skadden and Lempriere Wells.