Baker McKenzie today announced it had advised Brazilian global personal care cosmetics group Natura & Co on the sale of Australian luxury cosmetics brand Aesop to L’Oreal.

Natura & Co will receive USD 2.53 billion (AUD 3.7 billion) in the biggest deal for a luxury brand in Australian history.

The company, which is listed on both the Brazilian and US stock exchanges, has been invested in Aesop for more than ten years, purchasing a 65% stake in the Aesop business in 2012 and moving to 100% ownership in December 2016.

Natura & Co also owns subsidiaries Avon, Natura and The Body Shop, and the divestment of Aesop marks a new development cycle for the group, with proceeds of the sale to be used to extend its other brands internationally.

The Australian Baker McKenzie team was led by partners John Walker and Lance Sacks, working with Trench Rossi Watanabe Advogados* in São Paulo and Davis Polk in London.

John Walker commented: “Baker McKenzie is delighted to have assisted Natura & Co with the sale of this iconic Australian luxury beauty brand. Natura & Co’s investment over the last decade has seen Aesop evolve into a global super brand available across luxury retail, beauty, and hotels and restaurants, operating about 400 points of sale across the Americas, Europe, Australia, New Zealand and Asia.“

Subject to customary regulatory approvals the transaction is expected to be completed by the third quarter of 2023.


*Trench Rossi Watanabe and Baker McKenzie have executed a strategic cooperation agreement for consulting on foreign law.

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