L’Oréal ($LRLCY@France) is buying Australian luxury skincare brand Aesop in the largest acquisition made by the French beauty company. Prior to the sale, Aesop’s parent company was Natura, a Brazilian firm that also owns The Body Shop and Avon. Natura took a 65 percent stake in Aesop in 2012 and acquired the company in 2016. Aesop’s sales have since soared 20 fold from $28 million in 2012 to $537 million in 2022. Over the past year, Aesop posted double-digit growth in revenue. The company is currently in 29 markets globally and aims to expand in mainland China where it opened its first brick-and-mortar stores last year.