Cosmetics retailer L'Occitane International plans to raise up to $708m (£460.9m) in a Hong Kong initial public offering, a source close to the deal said last night. L'Occitane, which manufactures products including almond and olive-based creams, would be the first French company to list in Hong Kong. The company was not immediately available for comment. The source has direct knowledge of the offering but was not authorised to speak on the record about the deal. The company would be the second, non-Asian business to list in Hong Kong behind Russia’s Rusal. The company is selling 364m shares, or 25 per cent of its enlarged share capital, at a price range indicated between HK$12.88 (£1.09) and HK$15.08 per share, the source said.