Cosmetics giant L’Oréal has announced that it has completed the acquisition of luxury beauty brand, Aesop.
Chief executive officer of L’Oréal Groupe, Nicolas Hieronimus, said in a statement, "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."
The deal, valued at $2.53 billion (€2.32 billion), was first announced in April of this year.
According to Michael O’Keeffe, the chief executive of Aesop, L’Oréal is the "best partner" to take the brand to the next level.
He believes that support and expertise from L’Oréal will help the Australian company grow, innovate and reach more people across the world.
Aesop is a subsidiary of Brazil's Natura & Co and one of its most profitable businesses.
It operates almost 400 stores and posted sales of $537 million (€492.7 million) in 2022, up 21% in constant currency from a year earlier.
"Under the stewardship of Natura &Co, Aesop reached new heights, expanding the brand’s presence across the globe,” said Fabio Barbosa, chief executive officer of Natura &Co.
"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," Barbosa added.
Elsewhere, the company's second-quarter sales slightly beat expectations, as a rebound in China helped offset slower growth in the United States, where the rising cost of living is prompting shoppers to tighten their purse strings.