Posted Apr 4, 2023, 7:04 AM
PARIS (Agefi-Dow Jones)–Beauty products giant L’Oréal announced overnight Monday to Tuesday that it had reached an agreement with Natura & Co to acquire Australian cosmetics brand Aesop for a value of $2.53 billion business.
“Founded in 1987, Aesop is globally recognized for its skin, hair and body products. With its iconic amber packaging, sustainable vegan formulas, natural ingredients and personalized customer service, Aesop has become an iconic global brand available in high-end boutiques, beauty salons and luxury hotels around the world,” L’Oréal said in a statement.
The group said the Australian brand was distributed in some 400 outlets in America, Europe, Australia, New Zealand and Asia, and opened its first store in China in 2022.
Aesop made sales of $537 million in 2022, L’Oreal also said.
Nicolas Hieronimus, the general manager of L’Oréal, estimated in a press release that “Aesop shoots[ait] take advantage of all current consumer updrafts and L’Oréal will help accelerate its enormous growth potential, particularly in China and in Travel retail.”
The acquisition is subject to “certain customary regulatory approvals and other customary completion conditions,” L’Oréal said.
Natura & Co. owns the cosmetics brand The Body Shop.
-Valerie Venck, Agefi-Dow Jones; +33 (0)1 41 27 48 25; vvenck@agefi.fr ed: ACD
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
April 04, 2023 01:04 AM ET (05:04 GMT)
