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In a $2.5 billion deal, French beauty empire L’Oréal signed an agreement with Natura & Co to acquire Aēsop, a luxury Australian beauty brand known for its hair, body and skin products.
The acquisition is the French beauty giant’s largest acquisition and is expected to close in the third quarter of this year, subject to regulatory approvals.
L’Oréal’s purchase of Aēsop surpasses L’Oréal’s previous buyout record of US$1.7 billion with the purchase of YSL Beauté in 2008.
L’Oréal recently opened its second American headquarters at 888 North Douglas on Tuesday, October 4, 2022 in El Segundo, California. (Gary Coronado/Los Angeles Times via Getty Images/Getty Images)
“I am delighted to welcome Aēsop and his teams to the L’Oréal Groupe family,” said Nicolas Hieronimus, CEO of L’Oréal, in a press release. “Aēsop is the epitome of avant-garde beauty, whose products are not only made with great care and exceptional attention to detail; they are an excellent combination of urbanity, hedonism and undeniable luxury.”
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Brazilian cosmetics company Natura & Co acquired a majority stake in Aēsop in 2012 before fully acquiring the brand four years later.
Aēsop is an Australian brand founded in 1987 by Dennis Paphitis. The brand is known for its luxurious home fragrances and skincare products, which range in price from $35 to $100 each. Its products are gender neutral, cruelty free and vegan.
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The skin care brand has grown rapidly in recent years and today has 400 stores in North America, South America, Europe, Australia and Asia.
Aēsop is an Australian luxury cosmetics brand that was recently acquired by French beauty brand L’Oréal. (Aesop / Fox News)
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In a press release, Aēsop CEO Michael O’Keefe called the deal “the next phase of evolution” for the brand, adding that the partnership will allow Aēsop to bring its “exceptional skincare products to even more people and take our brand further globally.” to expand.”
L’Oréal and Aēsop did not immediately respond to Fox News Digital’s request for comment.