The Brazilian owner of the Australian-grown luxury skincare brand is exploring a sale that would blow other Australian luxury businesses out of the water.
Aesop, the Melbourne-based skincare brand that has colonised chic bathrooms across the globe, might change hands for $2.9 billion, a valuation that would blow other Australian luxury businesses out of the geranium leaf-scented water.Co, the Brazilian cosmetics conglomerate that owns Aesop, revealed in October that it was looking to sell the business or potentially spin it out via an initial public offering.
Phillip Corne, a former managing director of LVMH in Australia, said that would set quite the precedent. “There is not another comparable [business] that I can think of in Australia,” he said. Aesop is the smallest division inside Natura, which also owns The Body Shop and Avon. But it has the highest profit margin, approaching 25 per cent. Aesop’s 2021 profit was 623 Brazilian real on 2660 real of revenue .
“By global standards Aesop still has a long way to go, so there is real ability to scale this. $[US]500 million in revenue is impressive but with the might of LVMH it could be five or six times that.”
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