L‘OrÃ©al has made the sale of The Body Shop official after signing a contract with Brazilian buyer Natura Cosmeticos.
The unexpected winner of the bidding war for the ailing British cosmetics brand was announced as Natura Cosmeticos earlier this month.
Although the deal still needs to be approved by regulators, both parties have now made the £880 million sale official.
Natura stated that the acquisition will bring its global employee count to 17,000 with 3,200 stores and a turnover of around $3.5 billion (£2.73 million).
“L‘OrÃ©al announces that the contract for the sale of The Body Shop to Natura was signed,” L‘OrÃ©al stated yesterday.
“The proposed sale is subject to clearance by antitrust authorities notably in Brazil and in the United States, and expected to close during 2017.”
The Brazilian firm is looking to further its global growth after cashing in on its home country‘s huge middle-market.
After the announcement of its plans to acquire the brand earlier this month, Natura‘s chief executive JoÃ£o Paulo Ferreira said: “The acquisition of The Body Shop is a decisive step in making Natura Group an international player in the cosmetics industry, following in the footsteps of our previous acquisition of Aesop in 2013.”
“In a sense, Natura and The Body Shop are like twins. We have been walking parallel paths in the past, and today, those paths are converging.
“We both share a same vision of cosmetics, advocating the use of natural ingredients, seeking to use our business as a platform to raise environmental consciousness,” he added.