| Aesop | |
| Type: | Subsidiary |
| Founder: | Dennis Paphitis |
| Location City: | Melbourne |
| Key People: | Michael O’Keeffe (CEO) |
| Industry: | Cosmetics |
| Products: | Skincare, bodycare, haircare, fragrance and homeware |
| Revenue: | R$1.9 billion (2020)[1] |
| Locations: | 395 stores |
Aesop (stylised as Aēsop) is an Australian luxury cosmetics brand that produces skincare, haircare and fragrance products. It is headquartered in Collingwood, Victoria[2] and is a subsidiary of L’Oréal.[3]
Aesop was established in 1987 by Dennis Paphitis in Armadale, Victoria, where Paphitis owned and operated a hair salon named Emeis in which he blended essential oils into hair products.
After continued success, he rebranded to Aesop, naming the brand after the Greek fabulist and storyteller as an intentional ploy to mock the puffery exhibited in the advertising in the cosmetics industry. He eventually sold the brand to Natura & Co in 2012 while maintaining a role as advisor.[4]
Each Aesop store has a unique interior design developed in collaboration with various architects, interior designers and artists., the brand had nearly 400 points of sale across 27 countries., Aesop produced 83 product formulations and three shaving accessories.
Four months after agreeing to pay $3.7 billion for the company, L'Oréal completed the purchase of Aesop on 30 August 2023.[5] Michael O'Keeffe will remain as CEO as Aesop.[6]
Aesop was founded by hairdresser[7] Dennis Paphitis[8] in 1987 in Armadale, Melbourne.[9] [10] Suzanne Santos, whose current job title is Chief Customer Officer,[11] was instrumental in the founding and growth of the company.[12] She was Paphitis's first employee.
In 2010 Harbert Australia Private Equity bought a minority stake in the company; Aesop used the capital injection to fund growth.[13] In December 2012, Aesop sold a 65% stake in its business to Brazilian direct-sales cosmetics company Natura Cosméticos for US$71.6 million[14] (approximately A$100 million).[15] Natura took total ownership in December 2016.
, Aesop produced 83 product formulations and three shaving accessories. In September 2018, Aesop launched a luxe homewares product.[16] In 2020, Aesop introduced their first candle product line with three new scents titled Ptolemy, Aganice, and Callippus.[17]
For the company's national and international experience in sustainable development, and eco-friendly products, the Environment Possibility Award conferred the "Award of Green-Trend Leader" to Aesop in 2020.[18] Aesop also became a certified B Corp in 2022.[19]
In April 2023, it was announced that L'Oréal intended to buy the brand for $3.7 billion;[20] [21] [22] the acquisition was completed in August.
The brand has been noted for following a modern approach to prestige branding.[23] This includes not using traditional advertisements or discount sales to promote its products but rather getting noticed and talked about for the design of its products, stores, events and communications.[24] [25]
According to founder Dennis Paphitis, the brand's name was inspired by Aesop, the Greek fabulist and storyteller credited with a number of fables. Originally named "Emeis" - which in Greek means "us", and the namesake of Paphitis's hairdressing salon at the time, the brand's name was changed to Aesop in response to the sometimes exaggerated claims made by competitors about their products. Aesop has a minimalist approach to branding, with their logo being a simple transcription of the brand's name in Optima font. Their brand image is described by social entrepreneur and writer Tony Kearney as the key behind its success who credits Aesop with having crafted one of the most beautiful brand programs in existence.[26] After 20 years of operation, the brand retained digital strategist Work & Co to redesign the online experience. The website redesign was critically acclaimed, winning three awards.[27]
Aesop retail stores are considered to place local relevance and understatement as a priority in their design.[28] Notable designers and architects have been involved in the creation of Aesop stores. In 2008, British designer Ilse Crawford designed the first London-based store for the brand, located in a Victorian Grade II listed mansion block in Mayfair.[29] The store was noted for its restoration of a historic building with modern additions with brass and ceramic while maintaining original fittings such as the pitch pine floor.[30] In 2021, Odami, a Spanish-Canadian design studio was retained by Aesop to design a new store in Yorkville.[31] Odami described the project as one which paid homage to the history of Yorkville, which retains many homes of Victorian design. The Victorian-style finishing's were noted, as was the design's minimalist approach.[32]
Aesop has a distinct internal company culture consisting of minimalism and order. Aesop employees are referred to as "Aesopians" and are subject to certain unique company rules and guidelines, such as using only black Moleskine notebooks and black pens and sending all emails with a greeting or pleasantry at its beginning and end.[33] Its offices have been described as "minimal...upmarket prison cell[s]", and employees are not permitted to eat food at or keep personal items on desks. This order is said to stem from Paphitis's inclination for control over Aesop, who has acknowledged "[Aesop] labour[s] over seemingly inane decisions...to make things appear effortless...there's a great deal of energy involved". Other elements of the internal culture include keeping mobile phones on silent inside offices and using Aesop's brand colours on company documents. Former General Manager of Marketing Lisa D'Amico has stated, "the colours used on PowerPoint presentations are really, really important, particularly to the board. If [one is] not OK with that, [they] just won't enjoy [working at Aesop]". Such edicts have been described as "specific yet vague" that make being a potential employee stressful. D'Amico acknowledged Aesop takes "cultural alignment to the nth degree" and noted cultural fit between Aesop and its employees ought to be mutual.
Aesop has over 235 company-owned signature stores across Australia, New Zealand, Japan, Canada, Singapore, Malaysia, Philippines, South Korea, US, Taiwan, Italy, France, The Netherlands, Germany, Switzerland, Russia, Hong Kong, Sweden, Norway, Spain, Brazil, United Arab Emirates, Belgium and the UK.[34] [35] In the US, it is also available at Nordstrom and Saks Fifth Avenue. In Canada, Aesop's products can be found at Holt Renfrew, Ogilvy, Nordstrom, and Saks Fifth Avenue. In Australia, Aesop also operates counters within select Myer department stores as part of an exclusive partnership.[36] These counters closely follow the aesthetics and customer experience of the standalone stores but with a condensed range.
Its largest store in 2017 was its space in the Broadway Theater District in Downtown Los Angeles where the walls are lined with reclaimed cardboard tubing from fabric rolls discarded by the nearby Fashion District. Other elements of the store's interior are made entirely from recycled paper.[37]
Michael O'Keeffe has been CEO of Aesop since 2003.[38]