Cosmetics group L’Occitane is preparing an initial public offering (IPO) in Hong Kong, a newspaper reported yesterday, in a move that illustrates Asia’s rising demand for luxury goods.
The France-based company, which sells skincare products in 85 countries, could raise as much as US$700 million in the offering, the Financial Times reported, citing “people familiar with the matter.”
The report said the cash could fund an Asian expansion for the company, a private enterprise established in 1976.
“L’Occitane products are viewed in Asia as affordable luxury and a Hong Kong listing makes sense in the context of its China strategy, future growth plans and regional brand recognition,” the paper quoted a person close to the company as saying.
L’Occitane had revenues of US$731 million in the year to March last year. The Asia-Pacific region accounts for about 40 percent of global sales for the company, which is planning 40 new outlets in China, the Financial Times said.
The move is part of a trend for high-end retailers battered by financial turmoil in the US and Europe turning their attention to the burgeoning Asian market.
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