It appears that L'Oreal has settled on a buyer for The Body Shop.
The French cosmetics giant is in exclusive talks to sell its Body Shop division to Brazilian make-up company Natura Cosmeticos, Bloomberg reported. The reported price: $1.1 billion,
Natura is the largest Brazilian cosmetics company. The transaction would be subject to regulatory approval and would be expected to close later this year.
A retail pioneer in all-natural beauty products, ethical sourcing and environmental responsibility, Body Shop was founded in Brighton, England, in 1976 by the now-deceased Anita Roddick. L'Oreal bought the company in 2006 from Roddick.
In February, L'Oreal announced it was exploring options for the brand, which has struggled in recent years amid increased competition as more companies adopted its all-natural, no animal-testing stance. It posted a 4.8% decline in sales in 2016.
"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," stated Jeremy Schwartz, chairman & CEO of The Body Shop, in the report.
The Body Shop currently had more 3,000 stores in some 66 countries.