Aesop sold to L ’ Oréal for US $ 2.525 billion
BWX ’ s Australian operations enter voluntary administration
News bites
By Inside Retail staff writers
Aesop sold to L ’ Oréal for US $ 2.525 billion
L ’ Oréal acquired Australian luxury cosmetics brand Aesop from Brazil ’ s Natura & Co Holding for US $ 2.525 billion ( A $ 3.7 billion ) in early April .
Established in 1987 and headquartered in Melbourne , Aesop sells premium skin , hair and body care products through a global network of own-brand stores and third-party sellers .
Natura & Co acquired a 65 per cent interest in the brand in 2012 for US $ 71.6 million , and four years later bought the balance , suggesting a massive capital gain from the brand , which expanded significantly under Natura ’ s ownership .
Aesop ’ s gross sales grew from US $ 28 million to $ 537 million between 2012 and 2022 , as the retailer expanded into 29 markets , opened its first store in Mainland China and expanded into fragrances .
Nicolas Hieronimus , CEO of L ’ Oréal Group , described Aesop as the epitome of “ avant-garde beauty ”.
“ Aesop taps into all of today ’ s ascending currents and L ’ Oréal will contribute to unleashing its massive growth potential , notably in China and travel retail .”
Michael O ’ Keeffe , CEO of Aesop , said the brand would enter its next phase of development under L ’ Oréal .
“ We will be able to bring our exceptional skincare products to even more people and continue to expand our brand globally .”
BWX ’ s Australian operations enter voluntary administration
Wellness and beauty retailer BWX ’ s Australian operations have been placed in voluntary administration as the company struggles to combat inventory and working capital issues .
David Hardy , Gayle Dickerson , James Stewart and James Dampney of KPMG were appointed as receivers . They will take over the day-to-day operations of the company , which will continue to trade normally as of early April while its future viability is assessed .
That followed the appointment of Kate Warwick , Joe Hansell and Kelly Trenfield of management consulting firm FTI Consulting as administrators . They intend to continue the directors ’ search for a buyer for BWX ’ s stake in skincare brand Go-To which is a separate business and not under administration .
In an ASX statement , the company said a “ range of issues have continued to impact the Australian operations of BWX – including customer destocking and inventory and working capital issues ” – necessitating the appointment of administrators .
“ The directors believe entering voluntary administration will help progress the restructuring process already under way with new management at BWX and give the company the best chance of future profitability .”
On 27 March , the company sought an “ immediate suspension ” from the trading of its shares on the ASX to focus on refinancing the business and continuing to function .
May 2023 www . insideretail . com . au | 9