L’Occitane Sales Up 18% to $2.36 Billion in FY 2023
- Chaileedo Press
- May 5, 2023
- 2 min read
L’Occitane present the unaudited FY 2023 quarterly update of the Company, L’Occitane sales reached €2,134.7 million ($2.36 billion) in FY 2023, representing a growth rate of 17.9% based on reported rates or 13.4% based on constant rates.
L'Occitane has released its unaudited quarterly update for FY 2023, reporting sales of €2,134.7 million ($2.36 billion). This represents a growth rate of 17.9% based on reported rates or 13.4% based on constant rates.
L'Occitane said the remarkable growth in FY2023 was mainly driving by the exceptional performance of Sol de Janeiro, as well as the steady growth of ELEMIS. The positive momentum continued into FY2023 Q4, which was driven by early indications of growth in China, as well as an increase in sales through travel retail and cruise ship channels.
In terms of brands performance, Sol de Janeiro maintained its exceptional growth momentum, achieving an impressive 135.2% growth in local currency during the 12 months ending in FY2023. This brand was the fastest-growing in the company's portfolio.
ELEMIS returned to growth with a solid increase of 8.9% based on constant rates, while the Others category also saw growth of 7.3% based on constant rates. L'OCCITANE en Provence recorded flat sales down 0.5% in FY2023, mainly due to challenging market conditions in China and the divestiture of its business activities in Russia. However, excluding the China and Russia markets, L'OCCITANE en Provence achieved growth of 6.8% in FY2023 and 9.9% in FY2023 Q4.
In terms of regional performance, the Americas region remained the best performing region for the company, achieving a growth rate of 62.8% based on constant rates during the 12 months ending in FY2023. This growth was primarily driven by Sol de Janeiro's exceptional performance in the region. The Asia Pacific (APAC) region returned to growth in FY2023, largely due to the company's strong sales in the travel retail channel and improved market conditions in China, particularly in FY2023 Q4.
In terms of channel performance, the wholesale channel continued to be the fastest-growing channel for the company, with a 50.9% increase in sales during FY2023. However, the retail channel saw a decline of 2.0% in sales, mainly due to the divestiture of Russia, store closures in China as a result of COVID-19 outbreaks, and reduced trading with fewer retail stores worldwide. Excluding the China and Russia markets, the retail channel achieved growth of 7.2%. Online channels experienced growth of 4.8% based on constant rates, largely driven by the exceptional performance of Sol de Janeiro.
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