The Anti-Starbucks: How Aesop Built a $2.5B Brand Through Radical Inconsistency
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case study—no. 001
“I’ve always imagined what we do as the equivalent of a weighty, gold charm bracelet on the tanned wrist of a glamorous, well-read European woman who has traveled and collected interesting experiences.” — Dennis Paphitis The Architecture of Meaning In April 2023, L’Oréal completed the largest acquisition in its history: Aēsop, for $2.53 billion.1 This surpassed their $1.7 billion purchase of YSL Beauté in 2008 and came with a 25x revenue multiple that made industry analysts recalibrate their understanding of brand valuation. But here’s what most coverage missed: L’Oréal didn’t buy…
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