In a deal worth $2.53bn, French cosmetics giant, L’Oreal, has bought Australian skincare brand Aesop.
In what is being touted as the company’s biggest takeaway in decades, L’Oreal will become the new owner in the thirds quarter of this year though the deal is subject to regulatory approval. The Aesop brand is a "superb combination of urbanity, hedonism and undeniable luxury," L'Oreal chief executive Nicolas Hieronimus told press.
Aesop was founded 36 years ago and now has a cult following and almost 400 shops around the world. BBC News reports: “Aesop was founded in 1987 by hairdresser Dennis Paphitis, who had started blending essential oils into products at his salon in Melbourne, Australia. As demand grew, he developed samples for customers. Mr Paphitis eventually named his brand after the famous Greek fabulist and storyteller Aesop.”
L’Oreal takes over ownership from Brazilian cosmetics company Natura & Co, which bought a majority stake in Aesop in 2012. It took full ownership four years later and also owns The Body Shop - which is bought from L’Oreal - and Avon.
