L’Occitane Groupe is exploring a return to public markets via a potential US initial public offering, less than two years after billionaire Reinold Geiger and backers including Blackstone and Goldman Sachs took the skincare group private in a €6bn deal. JPMorgan and Morgan Stanley are advising on the possible listing, which could occur this year.

A US listing would mark a swift pivot for the French beauty conglomerate, which had been listed in Hong Kong for 14 years. The company, founded in 1976, operates over 3,000 stores across 90 countries and generated €2.8bn in sales last year, with the Americas representing 46% of revenue.

The move signals a selective reopening of equity markets for scaled consumer brands with sponsor backing. Investors will watch how the market values the group’s portfolio—including Elemis and Sol de Janeiro—compared to its €6bn take-private valuation, as private equity firms seek timely exits.