World

L,Oréal to pay $3.7bn for Melbourne-founded luxury cosmetics brand Aesop

  • 04. Apr 2023. 6:52
  • By The EU Times
Latest Articles
Christmas Gifts for a Man OCD is so much more than handwashing or tidying. As a historian with the disorder, here’s what I’ve learned There’s no norovirus outbreak in the UK – so why is a sharp rise in patients being reported? This 17th-century portrait was given plumper lips years after it was finished – an expert explains why Holocaust comparisons are overused — but in the case of Hamas’ Oct. 7 attack on Israel they may reflect more than just the emotional response of a traumatized people Seven original 1970s skateparks that show why these urban treasures should be protected Ukraine recap: western divisions an ominous sign for Kyiv as the aid funding tap begins to dry up Climate ‘tipping points’ can be positive too – our report sets out how to engineer a domino effect of rapid changes Boris Johnson at the COVID inquiry: sullen, evasive and a danger to democracy How bird feeders help small species fight infection

Cosmetics giant L'Oréal has announced plans to acquire Melbourne-founded luxury beauty brand Aesop for $3.7 billion.

The French beauty giant, which already owns a number of popular cosmetic brands such as Maybelline, Lancôme, and Garnier, will purchase Aesop from its current owners, the British-Dutch conglomerate Unilever. The deal is expected to be completed in early 2021.

The acquisition will see L'Oréal add Aesop's range of skin, hair, and body care products to its already impressive portfolio. Founded in 1987 by former hairdresser Dennis Paphitis, Aesop has since become a cult favourite among beauty enthusiasts for its natural and botanical-based formulas.

The brand, which currently has more than 200 stores in 24 countries, is estimated to be worth $1 billion in annual revenue.

Commenting on the deal, L'Oréal CEO Jean-Paul Agon said: “Aesop is a perfect addition to the L'Oréal portfolio of brands. Its unique combination of expertise in natural and botanical-based formulas, coupled with its strong presence in the luxury segment, makes it a perfect fit for our strategy of offering the most complete portfolio of beauty products on the market.”

Agon added that the acquisition of Aesop would help L'Oréal to expand its reach in the luxury beauty market, while also allowing the company to invest further in innovation and sustainability.

The announcement comes just weeks after L'Oréal revealed that it had acquired a majority stake in the French beauty brand Clarisonic.

This deal marks the latest in a series of acquisitions by L'Oréal, which is the world's largest cosmetics company. The company has been on a buying spree in recent years, having acquired several smaller beauty brands such as NYX and IT Cosmetics.