- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- China offers $325 bn in fiscal stimulus for ailing economy
- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
L'Oreal buys Australian brand Aesop from Natura in $2.5 bn deal
L'Oreal announced Tuesday the signing of an agreement with Brazil's Natura & Co to acquire its Australian luxury cosmetics brand Aesop in a deal valued at $2.53 billion.
The Aesop brand posted sales of $537 million in 2022, according to a statement.
"Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in the statement.
"We have great confidence that Aesop will join the L'Oreal Luxe Billionaire brands club and therefore contribute significantly to the growth of the division in the years to come," said Cyril Chapuy, president of the group's luxury division L'Oreal Luxe, adding that he looked forward to welcoming Aesop CEO Michael O'Keeffe and his teams.
The L'Oreal Luxe division, which includes brands such as Lancome, Yves Saint Laurent and Giorgio Armani, was the group's top performer for the second consecutive year in 2022, with sales climbing 18.6 percent to 14.6 billion euros ($15.9 billion).
Natura chief executive Fabio Barbosa said "the divestment of Aesop marks a new development cycle for Natura & Co."
"With a strengthened financial structure and a deleveraged balance sheet, Natura & Co, exercising strict financial discipline, will be able to sharpen its focus on its strategic priorities, notably our investment plan in Latin America," Barbosa said.
Natura wanted to concentrate on "continuing to improve The Body Shop's business and refocusing Avon International's footprint".
Natura bought British cosmetics company The Body Shop from L'Oreal in 2017.
Founded in 1987, Aesop is known for its skin, hair and body products.
It operates about 400 stores in America, Europe, Australia, New Zealand and Asia, with a budding presence in China, where the first outlet opened in 2022.
L'Oreal, the world's number one cosmetics company, saw a 24.1 percent increase in net profit in 2022 to 5.7 billion euros and an 18.5 percent increase in sales to 38.3 billion. euros.
O.Hansen--CPN