French beauty products giant L'Oreal said Tuesday it has a signed a contract to sell The Body Shop, which it has owned for over a decade, to Brazil's Natura Cosmeticos for one billion euros ($1.1 billion).
L’Oréal has entered into exclusive discussions regarding The Body Shop with Brazil-based natural beauty giant Natura Cosméticos SA. And it looks like a deal is virtually done with L’Oréal quite bullish on it happening.
L’Oréal’s plan to sell its ethical beauty retailer The Body Shop could be hurt by falling profits at the UK-based operation, and the chain's ethical stance could also be a stumbling block, according to reports.
European private equity firm Investindustrial has invited the investment vehilce of Alibaba's founder Jack Ma to submit a last-minute joint bid of more than 800m euros for L'Oreal's The Body Shop, according to sources.
Up-for-sale beauty giant The Body Shop is shouting loudly about one of the core principles on which it was founded with a renewed call for a global ban on cosmetics animal testing for products and ingredients by 2020.