French cosmetics group L’Oreal is still on the lookout for deals, hot off the back of its biggest acquisition after it agreed to pay $2.5bn for luxury skincare company Aesop.
Chief executive Nicolas Hieronimus said the world’s largest beauty group had firepower left after buying the Australian maker of $40 soaps in April, pointing out that only three of the company’s 36 global brands had been created in-house.
“We have cash and L’Oreal has always made acquisitions,” Hieronimus said in an interview on Thursday ahead of the release of the company’s first-half results. “Being able to spot brands that have both dimensions — have stood the test of time a little bit and still have growth potential around the world — remains something we really keep our eyes on.”