Cosmetics giant L’Oréal has acquired luxury personal care brand Aesop from Natura & Co for around £2bn ($2.52bn).
Natura & Co, the parent company of The Body Shop, said the deal will strengthen its finances and free up resources to focus on “strategic priorities”.
The transaction is expected to close in Q3 2023, subject to customary regulatory approvals.
Since becoming part of Natura & Co in 2012, Aesop increased the number of stores and counters from 52 to 395 and expanded its geographic footprint from eight markets to 29.
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“Aesop is the epitome of avant-garde beauty, whose products are not only made with great care and exceptional attention to detail; they are a superb combination of urbanity, hedonism and undeniable luxury”, L’Oréal CEO Nicolas Hieronimus said.
“Aesop taps into all of today’s ascending currents and L’Oréal will contribute to unleash its massive growth potential, notably in China and travel retail.”
Last year, Aesop opened its first physical stores in Mainland China, and significantly grew its fragrance category.
Aesop CEO Michael O’Keefe added: “This is an exciting day for Aesop. With the support of Natura &Co, over the past decade, we have built Aesop into an admirable global force in the luxury beauty space, with a powerful product proposition and a unique customer and retail experience.
“We now enter the next phase of our development and I’m confident that with L’Oréal’s partnership we will be able to bring our exceptional skincare products to even more people and continue to expand our brand globally.”
Natura & Co CEO Fabio Barbosa concluded: “We are confident that Aesop’s growth story will continue under the ownership of L’Oréal and wish Aesop continued success in this new chapter.”
Image credit: Shutterstock
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via https://AiUpNow.com April 4, 2023 at 04:05AM by Jasdip Sensi, Khareem Sudlow,
