L'oreal has agreed to buy Australian beauty brand Aesop from Natura for $2.5 billion.

Key Highlights :

1. L'Oreal has announced that it has signed an agreement to purchase Aesop, a luxury cosmetics brand from Brazil. The deal is valued at $2.53 billion.

2. Aesop is known for its skin, hair, and body products. It has operations in America, Europe, Australia, New Zealand, and Asia.

3. L'Oreal is the world's number one cosmetics company. A 24.1 percent increase in net profit and an 18.5 percent increase in sales were reported in 2022.

4. Natura, the company that owns Aesop, wanted to concentrate on "continuing to improve The Body Shop's business and refocusing Avon International's footprint".

     Aesop, a French company that specializes in hair care products, will be added to the L’Oreal Luxe division, which includes brands such as Lancome, Yves Saint Laurent and Giorgio Armani.

     The move comes as L’Oreal looks to expand its reach into the luxury hair care market, which is estimated to be worth $19 billion by 2020.

     “Aesop is a well-known and respected brand in the beauty industry, and we are excited to add it to our Luxe division,” said Laurent Weil, president and CEO of L’Oreal. “This move reflects our commitment to providing our customers with the best in luxury hair care products.”

     Aesop was founded in 1892 and is known for its range of hair care products, including shampoo, conditioners, hair masks and hair oils. The company has a loyal following among luxury beauty consumers and has been featured in magazines such as Vogue and Harper’s Bazaar.

     L’Oreal is the world’s leading beauty company, with over 200 brands in more than 60 countries. The company generated sales of €21.2 billion in 2017 and employs more than 280,000 people.

Continue Reading at Source : livemint