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L’Oreal S.A. bought Aesop Australian luxury cosmetics brand billion from Natura &Co global cosmetic group based in Sao Paulo, Brazil. The French personal care company signed an agreement to buy Aesop for $2.525 billion.
Prior to the signing of the deal, the sale of Aesop drew a lot of interest from investors and other potential buyers. The acquisition was announced by the involved parties on Tuesday, April 3.
According to Vogue Business, some of the major companies that have expressed interest in buying Aesop are Clarin’s Famille C investment unit, LVMH, and Puig fashion company. The three were said to have shown interest since Natura &Co started working with Morgan Stanley and Bank of America for the sale of its Aesop subsidiary brand.
Aesop is known for its vegan cosmetic products that boast of natural ingredients, and this aspect is reportedly what drew L’Oréal’s interest in the brand. The products are being sold in 400 retail outlets around the world. Aesop has business deals with beauty centers and luxury hotel chains as well.
It was in 2013 when Natura &Co bought a 65% stake in the company from Emeis Holdings. Natura &Co already owns other popular beauty brands such as The Body Shop and Avon. in any case, L’Oreal’s acquisition of Aesop is still pending regulatory approvals.
"The divestment of Aesop marks a new development cycle for Natura &Co. With a strengthened financial structure and a deleveraged balance sheet, Natura &Co, exercising strict financial discipline, will be able to sharpen its focus on its strategic priorities, notably our investment plan in Latin America,” Natura &Co’s chief executive officer, Fabio Barbosa, said in a press release.
“We are confident that Aesop's growth story will continue under the ownership of L'Oréal and wish Aesop continued success in this new chapter."
L’Oreal Groupe’s CEO, Nicolas Hieronimus, also said, "I am very excited to welcome Aesop and its teams to the L'Oréal Groupe family. Aesop is the epitome of avant-garde beauty, whose products are not only made with great care and exceptional attention to detail; they are a superb combination of urbanity, hedonism, and undeniable luxury.”
Photo by: L’Oreal/Wikimedia Commons (Public Domain)
