Bluegem exits Dr Vranjes Firenze to L’Occitane

Dr Vranjes Firenze is an Italian perfumery brand.

  • Bluegem acquired a majority stake in Dr Vranjes Firenze in 2017
  • L’Occitane is a French chain selling skincare, bath and hair products
  • Bluegem is a European private equity firm focused on the consumer sector

Bluegem Capital Partners has announced the sale of a luxury home fragrance brand, Dr Vranjes Firenze, to L’Occitane Group.

The deal is valued at approximately €150 million, according to sources close to the matter.

Under Bluegem’s ownership, Florence-based Dr Vranjes has more than tripled in sales, surpassing €42 million in 2023, with an EBITDA margin exceeding 30 percent, according to a press statement. Bluegem acquired a majority stake in Dr Vranjes Firenze in 2017.

Dr Vranjes has seen a “substantial” increase in digital sales, which now constitute over a quarter of total revenue, the release added.

The brand also expanded into new geographic markets, including the Middle East and Asia.

“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,” said Emilio Di Spiezio Sardo, Bluegem founding partner.

Bluegem is a European private equity firm focused on six different consumer segments: beauty and personal care, home care, baby care, pet care, food and beverage and health and wellbeing. The firm is based in London.

L’Occitane is a chain selling skincare, bath and hair products. The company is headquartered in Manosque in France.