08.31.23
L’Oréal has completed the acquisition of Aesop, the company announced yesterday—for $2.58 billion from Natura & Co.
Natura & Co. announced it was selling a minority stake Aesop last April, which turned into a bidding war with LVMH.
Nicolas Hieronimus, chief executive officer, L’Oréal Groupe, comments:
“On behalf of L’Oréal, I am very excited to welcome Aesop to the L’Oréal Groupe family. The Aesop brand, with its unique combination of urbanity, hedonism and undeniable luxury, taps into all of today’s ascending currents. We look forward to building on the brand’s unique DNA and values, as we unleash its massive growth potential in China and beyond.”
Cyril Chapuy, president, L’Oréal Luxe, adds:
“We are thrilled to have Aesop join the L’Oréal Luxe Division and I look forward to welcoming Michael O’Keeffe and his passionate teams to the L’Oréal family, as we work together to write the next chapter of this iconic brand. We have great confidence that in time, Aesop will join the L’Oréal ‘Billionaire Brands’ club and play a significant role in the future growth of the Luxury Division.”
Natura & Co. says the sale will strengthen its balance sheet so it can focus on its strategic priorities, notably accelerating the integration of the Natura and Avon brands in Latin America, further optimizing Avon International's footprint, and continuing to strengthen The Body Shop's business.
Fabio Barbosa, chief executive officer of Natura &Co, says:
"Under the stewardship of Natura &Co, Aesop reached new heights, expanding the brand's presence across the globe. In its constant striving for excellence, it also enhanced its sustainability practices. We feel immense gratitude and deep respect for its management and teams and will always hold the company close to our hearts. We wish Aesop all the best for the next chapter as part of the L'Oréal Groupe."
Michael O’Keeffe, Chief Executive Officer, Aesop, adds:
“With L’Oréal’s support and unparalleled expertise, we will continue to grow and innovate, reaching even more people and expanding our brand globally, while staying true to our values, building on our distinctive brand and heritage.”
