L'Oreal buys Australian skincare brand Aesop in $2.5bn deal
Brazilian cosmetics company Natura & Co bought a majority stake in Aesop in 2012, before taking full ownership of the brand four years later.
It became Natura's highest revenue earner over the decade between 2012 and 2022. Aesop, gross sales jumped from $28m to $537m during the period. Aesop was founded in 1987 by hairdresser Dennis Paphitis, who had started blending essential oils into products at his salon in Melbourne, Australia. As demand grew, he developed samples for customers. Mr Paphitis eventually named his brand after the famous Greek fabulist and storyteller Aesop.
Natura chief executive Fábio Barbosa said the company would now focus improving its other businesses,"We are confident that Aesop's growth story will continue under the ownership of L'Oreal and wish Aesop continued success in this new chapter," Mr Barbosa added.
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