L’Oréal has acquired a lot of fan-favorite brands lately, but its latest news isn’t regarding a new beauty company purchase. Instead, L’Oréal has entered exclusive talks to sell The Body Shop to a Brazilian company called Natura Cosmeticos.
Natura is Brazil’s biggest cosmetics company and has proposed to buy the brand for $1.1 billion. The Body Shop has reportedly been L’Oréal’s worst-performing business in recent years, and the company has been reviewing it’s strategy for The Body Shop since earlier this year.
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“The ethical values and expertise of Natura make it the perfect new owner for The Body Shop to accelerate the rejuvenation of the brand and its future expansion,” explains Jeremy Schwartz, chairman and CEO of The Body Shop, in an interview.
According to L’Oréal, the proposed deal is set to close in 2017.
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