Aurelius Acquires The Body Shop for $254 Million — Retail Bum

Retail Bum
2 min readNov 16, 2023

Brazilian cosmetics giant Natura & Co. has agreed to sell The Body Shop to private investor Aurelius Group for $254.32 million, six years after buying it from L’Oreal.

The announcement comes less than a year after the company revealed plans to rejigger its business portfolio, starting with the sale of luxury brand Aesop to L’Oreal for $2.53 billion.

Natura’s deal with Aurelius Group involves a potential earn-out of $111.5 million, which will see Aurelius pay the sale price and earn out within five years from the closing of the deal, which is expected to happen by the end of the year.

The news of the announcement sent Natura’s shares up by 8% in São Paulo, making the company the top performer on the country’s benchmark stock index, Bovespa, according to Reuters.

Natura’s Chief Executive Officer Fabio Barbosa pointed out that the sale of The Body Shop was another important step in the company’s new development cycle, and it aims 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,” Barbosa said.

The sale of The Body Shop, which is expected to generate significant shareholder dividends, marks the latest step by Natura to improve its profitability. The company has rapidly grown in size in recent years with a series of acquisitions, including The Body Shop, Aesop, and Avon International.

In Q3 2023, Natura’s net profit totaled $1.43 billion thanks to the sale of Aesop — a significant improvement from the $115.6 million loss it had reported a year ago.

Photo credit: The Body Shop

Originally published at on November 16, 2023.