L’Oréal has completed its acquisition of Aesop for a reported $2.5 billion.

According to reports, the Australian beauty brand has been at the center of a bidding war between L'Oréal, LVMH, and Japan's Shiseido Co. for months. Now, following months of negotiations, it’s been revealed that the acquisition will be completed and finalized in the third quarter of 2023 in what will be L’Oréal’s biggest takeover in decades.

Founded back in 1987 by hairdresser Dennis Paphitis, Aesop has become a mainstay in the realm of skin, hair, and body care formulations, with its plant-based and laboratory-made ingredients now renowned across the industry.

Aesop — whose HQ is based out of Melbourne and boasts over 400 stores worldwide — has made a name for itself in both the beauty and fashion sector, thanks to collaborations with the likes of Rick Owens and Christopher Raeburn.

"Aesop taps into all of today's ascending currents and L'Oréal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oréal CEO Nicolas Hieronimus said in a statement.

Exactly what this takeover means for Aesop remains to be seen, but if recent acquisitions are anything to go by (take Estée Lauder’s $2.8 billion Tom Ford purchase for example), it can only be a good thing for the brand.