L'Oréal S.A. (ENXTPA:OR) entered into an agreement to acquire Aesop Retail Pty Ltd from Natura Cosméticos S.A. for an enterprise value of $2.5 billion.
April 02, 2023
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L'Oréal S.A. (ENXTPA:OR) entered into an agreement to acquire Aesop Retail Pty Ltd from Natura Cosméticos S.A. for an enterprise value of $2.5 billion on April 3, 2023. The purchase price will be paid in cash on closing. Aesop reported sales of $537 million in 2022.
The transaction is subject to customary regulatory approvals. As of May 17, 2023, the General Superintendence of the Administrative Council for Economic Defense (Cade) approved the transaction. The transaction is expected to close in Q3 2023.
Morgan Stanley (NYSE:MS), Bank of America Corporation acted as financial advisors, and Daniel Brass, Frank J. Azzopardi and Ronan P. Harty of Davis Polk & Wardwell LLP acted as legal advisor to Natura Cosméticos S.A.. Pierre-Louis Cléro, Jacques-Philippe Gunther, Mathilde Saltiel, Jean-Luc Juhan, Olivia Rauch-Ravisé and Matthias Rubner of Latham & Watkins LLP (Paris) and Neil Campbell of Latham & Watkins (London) LLP acted as legal advisors to L'Oréal S.A. in the transaction. Centerview Partners acted as financial advisor to L'Oréal S.A. John Walker and Lance Sacks of Baker & McKenzie acted as legal advisor to Natura Cosméticos S.A.
L'Oréal is the world leading cosmetic group. The group offers skincare products (39.9% of sales), makeup products (19.7%), haircare products (15.4%), fragrances (12.6%), hair colouring products (8.3%) and other (4,1%). Net sales break down by family of products as follows:
- consumer cosmetics (36.9%): L'Oréal Paris, Garnier, Maybelline New York, NYX Professional Makeup, Essie Niely, Dark and Lovely, Mixa, MG and Carol's Daughter brands;
- luxury cosmetics (36.2%): Lancôme, Kiehl's, Giorgio Armani Beauty, Yves Saint Laurent Beauté, Biotherm, Helena Rubinstein, Shu Uemura, IT Cosmetics, Urban Decay, Ralph Lauren, Mugler, Viktor&Rolf, Valentino, Azzaro, Prada, Takami, A?sop, etc.;
- active cosmetics (15,6%): La Roche-Posay, Vichy, CeraVe, SkinCeuticals, Skinbetter Science, etc.;
- professional products (11,3%): L'Oréal Professionnel, Kérastase, Redken, Matrix and PureOlogy brands.
Products are marketed through mass distribution and distance selling, selective distribution, hair salons and pharmacies.
At the end of 2023, L'Oréal has 37 production sites worldwide.
Net sales are distributed geographically as follows: Europe (31.6%), North America (27%), North Asia (25.9%), Asia/Pacific/Middle East/Africa (8.4%) and Latin America (7.1%).
L'Oréal S.A. (ENXTPA: OR) entered into an agreement to acquire Aesop Retail Pty Ltd from Natura Cosméticos S.A. for an enterprise value of $2.5 billion.
L'ORÉAL 
