L’Oréal has agreed to acquire Australian high-end cosmetics brand Aesop from Natura & Co Holding in a $3.7 billion deal.
L’Oreal will acquire luxury cosmetics brand Aesop, established in Melbourne, from Brazilian owner Natura & Co Holding for $US2.53 billion in the biggest deal for a luxury brand in Australian history.
Natura & Co, which is listed on both the Brazilian and US stock exchanges, purchased a 65 per cent stake in the business in 2012 for $US71.6 million and took that to 100 per cent in December 2016. Founder Paphitis stepped away from the helm of the business to take on an executive advisory role to the board.
The transaction will help the Brazilian beauty giant reduce its debt burden and focus on turning around other businesses. Known for its natural, ethically sourced cosmetics, Sao Paulo-based Natura faced a hard time trying to expand globally, with disruptions brought on by the pandemic and Russia’s war in Ukraine leading to cost-inflation pain.
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