L'Oréal is set to acquire Australian luxury cosmetics brand Aesop for US$2.5 billion from its Brazilian owner, Natura & Co.
This marks L'Oréal's largest acquisition in decades and a significant move for boss Nicolas Hieronimus, who took over running the company two years ago.
Natura's sale of Aesop is part of a restructuring plan aimed at improving its share price and financial performance following an international acquisition spree in the previous decade.
The deal will help Natura reduce debt, focus on strategic priorities in Latin America, and concentrate on its other brands.