Australian skincare company Aesop – founded by Cypriot Australian Dennis Paphitis – has been sold to Brazil’s Natura Cosméticos SA for $68 million, according to The Australian Financial Review.

The deal will give the Brazilian cosmetics, toiletries and fragrances manufacturer a 65 per cent stake in Aesop, with the local arm of US-based Harbert Private Equity selling its 26 per cent stake and Aesop founder Dennis Paphitis selling half his holding and retaining about 25 per cent of Aesop.

Aesop chief executive Michael O’Keeffe and other management will retain about a 10 per cent stake.

“The business is about to set up a subsidiary in Germany and develop that market,” Mr O’Keeffe told AFR. “As part of this deal we are taking over distributors in Malaysia, Taiwan, Korea and Switzerland.”

Neos Kosmos