Retail Beauty previously reported that L’Oréal announced that had  signed an agreement with Natura & Co to acquire Aēsop in a deal worth $3.7 billion (US$2.5 billion).

L’Oréal has now made an official announcement regarding the successful completion of its acquisition of the renowned Australian luxury beauty brand.

Aesop was established by hairstylist Dennis Paphitis back in 1987 in Armadale, Melbourne. It swiftly gained recognition for its distinctive amber packaging, utilisation of plant-based ingredients, and commitment to sustainable vegan formulations.

A little over a decade ago, Natura & Co acquired a 65 percent majority stake in Aesop for $71.6 million. During that period, the company operated more than 60 stores in 11 different countries, with annual sales totalling $67.4 million.

In 2016, Natura & Co assumed complete ownership of Aesop after its rapid expansion to 177 stores across 20 countries, including 80 locations within department stores worldwide.

Nicolas Hieronimus, Chief Executive Officer of L’Oréal Groupe, expressed his enthusiasm on behalf of L’Oréal regarding the inclusion of Aesop in their family. He stated, “We are thrilled to welcome Aesop into the L’Oréal Groupe family. The Aesop brand, characterised by its distinctive blend of urban sophistication, hedonistic appeal, and unquestionable luxury, resonates with the prevailing trends of our time. We are eager to nurture the brand’s exceptional DNA and principles as we unlock its considerable growth opportunities not only in China but also on a global scale.”

Cyril Chapuy, President of L’Oréal Luxe, expressed his excitement about Aesop becoming a part of the L’Oréal Luxe Division. He eagerly anticipates welcoming Michael O’Keeffe, Chief Executive Officer, Aesop, and his dedicated teams to the L’Oréal family. Together, they aim to embark on the next phase of this iconic brand’s journey.

Chapuy further stated, “We have strong confidence that, in due course, Aesop will ascend to the ranks of L’Oréal’s ‘Billionaire Brands’ and will play a significant role in driving the future growth of our Luxury Division.”

O’Keeffe remarked, “With L’Oréal’s backing and unparalleled expertise, we are poised to continue our growth and innovation journey, reaching a broader audience and expanding our global presence. Importantly, we remain steadfast in our commitment to our core values, preserving our distinct brand identity and rich heritage.”

Fabio Barbosa, Chief Executive Officer of Natura &Co, acknowledged the remarkable journey that Aesop embarked upon under their guidance. During this period, Aesop witnessed substantial growth and extended its brand’s footprint on a global scale.

Barbosa expressed, “Aesop’s unwavering commitment to excellence has been complemented by significant advancements in sustainability practices. We are filled with gratitude and profound respect for the dedicated management and teams that have contributed to Aesop’s success. As Aesop transitions into the L’Oréal Groupe family, we extend our best wishes for their future endeavors in this exciting new chapter.”

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