L’Oréal Closes Acquisition Of Luxury Beauty Brand Aesop

Chief executive officer of L’Oréal Groupe, Nicolas Hieronimus, said in a statement,

“The Aesop brand, with its unique combination of urbanity, hedonism and undeniable luxury, taps into all of today’s ascending currents.

“We look forward to building on the brand’s unique DNA and values, as we unleash its massive growth potential in China and beyond.”

The deal, valued at $2.53 billion (€2.32 billion), was first announced in April of this year.

According to Michael O’Keeffe, the chief executive of Aesop, L’Oréal is the “best partner” to take the brand to the next level.

He believes that support and expertise from L’Oréal will help the Australian company grow, innovate and reach more people across the world.

Aesop is a subsidiary of Brazil’s Natura & Co and one of its most profitable businesses.

It operates almost 400 stores and posted sales of $537 million (€492.7 million) in 2022, up 21% in constant currency from a year earlier.

ESM