Dr. Vranjes Firenze sold to L’Occitane Group
The Bluegem private equity firm has announced the sale of Dr. Vranjes Firenze to L’Occitane Group.
Founded by Dr. Paolo Vranjes in 1983, the luxury home fragrance brand has a network of 28 stores and 650 points of sale in 75 countries across the world.
Since Bluegem acquired a majority stake in Dr. Vranjes Firenze in 2017, the brand has more than tripled its sales to over €42 million in 2023. Its growth has been driven by expansion into new markets like the Middle East and Asia, as well as the launch of new products such as personal fragrances and scented candles.
Vranjes said: “Bluegem supported our strategic vision and enabled meaningful growth while honouring the rich heritage of Dr. Vranjes. With the support of Bluegem we have reached significant milestones, and it is with great pride that I hand over the legacy of Dr. Vranjes to the L’Occitane Group, a group known for its distinguished heritage and expansive global reach.”
Emilio Di Spiezio Sardo, Bluegem founding partner, added: “The success of the Dr Vranjes story aligns to the strategic vision of Bluegem, nurturing businesses with stable consumer demand, driven by premium yet affordable products, with consumable and repeat aspects ensuring business resilience through macroeconomic cycles. We extend our deepest gratitude to Dr. Paolo Vranjes, for his visionary leadership, innovative spirit and invaluable partnership.”
The transaction is expected to complete in the first quarter of 2024.