Natura &Co to sell The Body Shop to Aurelius


A new step to focus on strategic priorities

SÃO PAULO, Nov. 14, 2023 /PRNewswire/ — Natura &Co (NYSE – NTCO; B3 – NTCO3) announces that it has reached agreement to sell The Body Shop to international private equity group Aurelius, marking a new step in the Group’s strategy to simplify and refocus its operations.

Under the transaction, Aurelius has signed an agreement to acquire The Body Shop for an enterprise value of GBP 207 million, including an earn-out of GBP 90 million. The price and the earn-out will be payable in up to five years after closing. The closing of the transaction is expected to occur by December 31, 2023, and is subject to customary regulatory approvals. Morgan Stanley served as financial advisor and Cleary Gottlieb Steen & Hamilton as legal advisor to Natura &Co.

With the transaction, Natura &Co will continue its drive to refocus on its strategic priorities, notably accelerating the integration of the Natura and Avon brands in Latin America, focusing on its core relationship selling model, and further optimizing Avon International’s footprint. 

The Body Shop will benefit from Aurelius’ strong track record in building up companies to continue its transformation journey. AURELIUS, a globally active investment firm, already has experience in the retail sector through its investments in Footasylum, an omni-channel retailer of fashion streetwear and sportswear based in the UK as well as global catering group LSG Sky Chefs. AURELIUS seeks to enhance ESG aspects in its portfolio companies and is committed to maintaining The Body Shop’s long-standing, distinctive values, instilled by its founder, Dame Anita Roddick.

Under Natura &Co’s ownership since 2017, The Body Shop has undergone an overhaul of its product portfolio and a rejuvenation of the brand, notably through a more contemporary redesign of its stores, with the Changemaking Workshop that enhanced stores and customer experience worldwide, and of its refill program, now in place in nearly 800 stores. The Body Shop also became a certified B Corp™ in 2019, broadening its sustainability commitments and regaining its advocacy voice.

Fabio Barbosa, Chief Executive Officer of Natura &Co, declared: “With the sale of The Body Shop, we are taking another important step in Natura &Co’s new development cycle to unlock significant value. Refocused, deleveraged and leaner, Natura &Co will now be able to fully concentrate on its core relationship selling expertise in Latin America while also continuing the optimization of Avon International’s footprint and investing in initiatives and innovations that positively impact people and the planet. We are pleased to have found a strong home for The Body Shop to write the next chapter in its remarkable story, and we extend our sincerest thanks to all The Body Shop’s associates, who contributed immensely to broadening Natura &Co’s horizons. We wish them continued success under the stewardship of Aurelius.”

Ian Bickley, CEO of The Body Shop, said, “Today, we celebrate a truly historic moment for The Body Shop as we join forces with Aurelius to begin a new chapter, allowing us to continue building the relevancy of this global brand for future generations. With a presence in over 80 countries, The Body Shop is not only a beauty brand, but also an iconic social business that has captured hearts in nearly every corner of the world. We are deeply grateful to Natura &Co for their unwavering support and I’m looking forward to working hand in hand with Aurelius as we adapt and flourish in new global retail environments, always with an eye on sustainable and profitable growth.” 

“We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the cruelty-free and natural ingredient movement in the health and beauty market. We look forward to working with CEO Ian Bickley and his team to drive operational improvements and re-energise the business and help to deliver the next chapter of success,” comments Tristan Nagler, Partner at Aurelius. 

About Natura &Co

Natura &Co is a global purpose-driven group uniting Natura, Avon, and The Body Shop. We connect more than 200 million clients worldwide, engaging them through 7 million dedicated Consultants and Representatives, 2,000 stores and franchises, and 30,000 employees. 

We believe in promoting real positive economic, social, and environmental impact. We believe that the world does not need another big company. The world needs symbols of change capable of blazing new trails and inspiring others to follow. We believe in the power of cooperation, co-creation, and collaboration for a better way of living and doing business. 

About Aurelius

Aurelius is a globally active alternative investment group, distinguished and widely recognized for its operational approach. Its key investment platforms are Aurelius European Opportunities fund IV and the listed Aurelius Equity Opportunities SE & Co. KGaA.

Aurelius group has been growing significantly in recent years and now has EUR 11 bn in revenues and more than 300 professionals working out of 10 offices across Europe and North America. Aurelius focused on private equity, private debt, and real estate.

Aurelius is a renowned specialist for complex investments with operative improvement potentials such as corporate carve-outs, platform build-ups or succession solutions as well as specialised financing solutions.

With more than 250 transactions completed to date, Aurelius has built a strong track record for delivering superior returns to its investors through its flexible approach, uncompromising focus on operational excellence, ability to carry out multi-dimensional transactions, prudent risk management and long-term investment philosophy.


Natura &Co

Emilia Lebron

Head of External Communications

+44 (0) 7580 816371

[email protected]

Brunswick Group

São Paulo + 55 11 3076 7620

London + 44 020 7404 5959

[email protected]


Dentons Global Advisors

Humza Vanderman / Methuselah Tanyanyiwa

Tel: +44 (0)7824 472501

[email protected] 

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SOURCE Natura &Co

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