Scoop: L'Occitane hires Morgan Stanley to sell Elemis for under $1B

French luxury company L'Occitane is seeking just under $1 billion for its skin care brand Elemis, two sources tell Axios Pro.

Why it matters: L'Occitane was reportedly mulling a U.S. IPO in January, just two years after billionaire owner Reinold Geiger took it private.