Aesop was founded in 1987 in Melbourne, Australia, by Dennis Paphitis , a hairdresser who began blending essential oils into salon treatments to counter synthetic aromas in commercial haircare. His formulations resonated with clients seeking natural and sensorial products, eventually leading to Aesop’s first skincare line.
Aesop’s founding values were built around scientific rigor, design integrity, and eco-conscious craftsmanship. Its apothecary aesthetic and minimalist packaging became a visual
hallmark—distinct from the flashier branding of 1990s cosmetics. From its earliest flagship in Melbourne’s St. Kilda (opened in 2004), the company began experimenting with design-focused retail, commissioning architects to give each store a unique cultural identity.
Ownership Timeline and Strategic Growth Aesop’s expansion accelerated in the 2010s: 2010: Harbert Private Equity acquires a minority stake to fund international growth. 2012: Brazilian beauty group Natura &Co acquires a 65% stake for approximately US$71 million .
2016: Natura &Co gains full ownership, taking Aesop’s sales global—from 60 to nearly 400 stores in ten years. 2023: L’Oréal acquires Aesop for $2.5 billion (AUD 3.7 billion) , the largest purchase in L’Oréal history, positioning the brand under the L’Oréal Luxe Division to drive growth in China and travel retail.
L’Oréal’s CEO Nicolas Hieronimus called Aesop “the epitome of avant-garde beauty, combining urbanity, hedonism and undeniable luxury.” He added that Aesop’s thoughtful design and botanical emphasis “tap into all of today’s ascending currents,” pointing to growth potential in China and global luxury retail channels…
