Natura &Co. Is in Talks With IG4 Capital for Possible Sale of Avon Outside Latin America

Jennifer Weil

February 25, 2025 at 4:43 a.m.·2 min read

PARIS — Natura &Co. is holding negotiations with IG4 Capital for the potential sale of Avon’s operations outside of Latin America.

The Brazilian beauty giant published a securities filing responding to news on the magazine Exame’s website.

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On Dec. 4, 2024, Natura &Co. said it had resumed studies of strategic alternatives for Avon outside of Latin America, and the possibilities included a sale, partnership or spinoff.

“In this context, it has been holding negotiations with IG4 for a potential sale of Avon’s operations outside Latin America,” Natura &Co. wrote in the filing with the Brazilian stock market authority on Thursday. “The negotiations have been maintained on an exclusive basis, but are still at an early stage and the company continues to evaluate other strategic alternatives.”

IG4 is a specialist alternative investment fund focused on emerging markets.

Avon's Hydramatic Shine Lipstick. — Avon’s Hydramatic Shine Lipstick.

Natura &Co.’s efforts to seek an alternative strategy for Avon had been on hold since August, when Avon Products Inc., a U.S.-based nonoperational holding company, filed for Chapter 11 bankruptcy in a Delaware court. The filing was the result of a mounting pile of debt following lawsuits claiming that its talc products caused cancer.

Natura said in the filing that the U.S. court overseeing the bankruptcy proceedings approved the settlement agreement between Natura and the Avon Products creditor, and also the deal regarding the sale of Avon operations through a credit bid of $125 million.

In February, Natura said it was mulling whether to spin off Avon international as a separate publicly traded beauty company to unlock further shareholder value. The announcement fit in with its then-recent strategy of simplifying its corporate structure and followed on from the divestments of Aesop and The Body Shop.

L’Oréal purchased Aesop last year, when the Australian brand was valued at more than $2.5 billion. In 2023, Natura also sold The Body Shop to private equity firm Aurelius Investment in a deal valuing the chain at 207 million pounds.

Avon’s business in the U.S., which is owned by LG Household & Health Care Ltd., will not be part of any deal. It is not affiliated with any other Avon entity, and was not part of the Chapter 11 proceedings.

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Natura &Co. Is in Talks With IG4 Capital for Possible Sale of Avon Outside Latin America

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