L'Oreal Buys Aesop

L'Oreal has reportedly snagged Australian skincare label Aesop for a chunky $2.53 billion. It's a good deal for the Paris-based buyer, to grow its presence in high-end cosmetics, especially in the Far East.

The French cosmetics giant wasn't the only big name interested in Aesop - they were in a heated bidding war with LVMH and Japan's Shiseido for the coveted brand. But in the end, L'Oreal came out on top, making this their biggest takeover in decades.

Founded by hairdresser Dennis Paphitis in 1987, Aesop has become a major player in the beauty industry, with over 400 stores worldwide and a reputation for high-quality, plant-based and laboratory-made ingredients.

So what does this acquisition mean for Aesop? If other recent acquisitions (like Estée Lauder's $2.8 billion purchase of Tom Ford) are anything to go by, it could be a major boon for the brand.

L'Oreal is known for buying emerging labels, and scaling them through its global distribution network. Aesop is expected to add around 1.2% to L'Oreal's organic sales this year. We'll be keeping our eyes peeled for more updates on this exciting development in the world of beauty.