L'oreal buys Australian brand Aesop from Natura in $2.5-billion deal

L'Oreal announced Tuesday the signing of an agreement with Brazil's

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Natura & Co to acquire its Australian luxury cosmetics brand Aesop in a deal valued at $2.53 billion.

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The Aesop brand posted sales of $537 million in 2022, according to a statement.

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Aesop taps into all of today's ascending currents and L'Oreal will

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contribute to unleash its massive growth potential, notably in China and travel retail,"

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L'Oreal CEO Nicolas Hieronimus said in the statement.

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"We have great confidence that Aesop will join the L'Oreal

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Luxe Billionaire brands club and therefore contribute significantly to

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