The Body Shop owner to buy Avon in 1.58 billion pounds deal | Progresiv
The Body Shop’s parent company Natura Cosméticos is expected to acquire cosmetics brand and direct-selling retailer Avon in a 1.58 billion pounds deal. 
The São Paulo-based Natura Cosméticos is forecast to announce its takeover of Avon as early as tomorrow, according to the Financial Times.
The deal will give the firm control over three-quarters of Avon, with remaining shares handed to shareholders.
Avon, which is listed in New York with a market value of about 1.4 billion dollars (1.1 billion pounds), has its headquarters in London.
The news follows Avon’s announcement of scrapping 10 per cent of its workforce – 2300 jobs – as it aims to cut down on costs with the goal of saving almost 100 million dollars (78.9 million pounds).
The cosmetics brand has had trouble in the past in keeping up with shifts in consumer behaviours.
It has also lost market share to rivals such as LVMH-owned Sephora, Estée Lauder and L’Oréal.
Natura, which is aiming to expand globally, bought skin & haircare retailer Aesop in 2016, and then went on to buy British retailer The Body Shop from L’Oréal in a 1 billion euros (877 million pounds) deal in 2017. (www.retailgazette.co.uk)
