PARIS – Natura & Co has entered into an exclusive agreement with Aurelius Investment Advisory Ltd. to potentially sell The Body Shop.
The Brazilian beauty maker and retailer made the announcement through a corporate filing Monday afternoon CET. It came after a weekend of heightened media speculation.
Natura said the terms and conditions of the potential sale remain under negotiation.
In late August, while finalizing the sale of Aesop to L’Oréal in a deal that valued the personal care brand at $2.5 billion, Natura revealed it was also mulling a sale of The Body Shop.
In a corporate filing then, the company disclosed that its board of directors recently authorized management to explore strategic alternatives for The Body Shop, which may include a potential sale of the business.
“There can be no assurance that this process will result in any transaction,” the filing said. “Natura does not intend to comment on or provide updates regarding this matter unless and until it determines that further disclosure is appropriate or required based on the then-current facts and circumstances.”
The move comes just a few months after a significant chief executive officer switch at The Body Shop, when David Boynton abruptly stepped down.
Boynton had been CEO since 2017, the same year that the Brazilian beauty company acquired The Body Shop, which was founded by Anita Roddick in England in 1976, from L’Oréal.
He was succeeded by Ian Bickley as interim CEO, tasked with refining the business plan and transformation agenda, as well as with accelerating the road to profitability.