L’Oreal purchases Australian skincare brand Aesop in a deal worth $2.35bn

L’Oreal will purchase Australian skincare brand Aesop – in a deal worth $2.53bn.

This is L’Oreal’s largest takeover in decades.

The CEO says Aesop is a “superb combination of urbanity, hedonism and undeniable luxury.”

Aesop has a cult following around the world for its natural products including soaps, lotions and creams.

The brand has almost 400 stores globally and the deal is expected to close in the third quarter of this year.

L’Oreal is hoping the acquisition will help Aesop expand in China, where it opened its first store in 2022.

Brazilian cosmetics company Natura & Co bought a majority stake in Aesop in 2012, before taking full ownership of the brand four years later. #trending #featured