L’Occitane has announced its first quarter 2024 results which showed net sales were €502.2 million, 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.
Online channels posted a growth of 24.4% at constant rates in Q1, mainly driven by the strong performance of Sol de Janeiro.
Retail sales saw a decent increase of 3.5% at constant rates.
Wholesale and others led the growth with 50.6% at constant rates in Q1, with dynamic growth in wholesale chains and international distribution.
L’Occitane en Provence
Sales in Q1 were €290.3 million, as compared to €290.5 million in the previous year.
Sales in Q1 were €48.4 million, as compared to €40.3 million in the previous year.
The brand’s largest markets, the United Kingdom and the United States, grew 27.9% and 19.9% at constant rates respectively, both driven by online growth with a reduced value offering.
Sol de Janeiro
Sales in Q1 were €113.0 million, as compared to €42.6 million in the previous year.
The brand saw triple-digit growth in all geographies, driven by strong core product sales and successful new launches.
André Hoffmann, vice-chairman and CEO of L’Occitane, said:
It is pleasing to kick off the new financial year with double-digit growth that is being led by our newer brands, ELEMIS and Sol de Janeiro, who jointly contributed nearly a third of our sales this quarter in line with our multi-brand strategy. At the same time, the core brand grew nicely with the improving trend in China. We are mindful of the lingering macroeconomic uncertainties, such as signs of a slower-than-expected recovery in China, persistent inflation in major markets and foreign currency exchange headwinds. Yet, we remain cautiously optimistic about our prospects in FY2024, supported by higher marketing investments in key markets and channels for the core brand and the continued development of our newer brands, including the recent entry of Sol de Janeiro and Grown Alchemist into APAC and global travel retail channels.