Natura & Co

Natura & Co is a Brazilian multinational beauty and personal-care group headquartered in São Paulo. Its corporate history is rooted in Natura Cosméticos, the cosmetics company founded in Brazil in 1969 by Antônio Luiz Seabra. Natura developed a distinctive business model based on direct selling through independent consultants, while building a brand identity around Brazilian biodiversity, plant-based ingredients, responsible sourcing, and social and environmental commitments. The operating company became publicly listed in Brazil in 2004 and later became one of the country’s largest cosmetics businesses by revenue. The group expanded beyond its original Brazilian base through international operations and acquisitions. Natura opened its first Paris boutique in 2005, giving the brand a visible presence in Europe. In 2013 it acquired Aesop, an Australian premium skin-care company whose retail-led, design-conscious positioning broadened Natura’s exposure to higher-end global beauty. Natura announced an agreement to acquire Avon Products in 2019. After regulatory approvals in Brazil, the transaction was completed in January 2020, combining Natura’s Latin American direct-selling expertise with Avon’s large international consultant network and long-established presence in multiple markets. The deal transformed Natura & Co into one of the world’s largest pure-play beauty groups and placed Natura, Avon, Aesop, and The Body Shop within the same corporate portfolio. Natura & Co’s portfolio strategy subsequently changed. Aesop was sold to L’Oréal in 2023, and in 2025 the group announced the sale of Avon’s operations outside Latin America and Russia to Regent. These transactions reduced the breadth of the portfolio and refocused the company around Natura and the remaining Avon business in Latin America, while the future ownership of Avon’s Russian operations remained subject to a separate decision described in the reference material. The group’s recent strategic direction therefore represents a move away from a broad multi-brand international house toward a more concentrated structure. Natura’s commercial model has historically relied heavily on direct sales and independent consultants. In 2018, the wider Natura operation was reported to have more than 6.6 million consultants worldwide, making its network one of the largest in the beauty industry. Products span fragrance, skin care, body care, hair care, make-up, and other personal-care categories. The company also operates or has operated retail stores, boutiques, digital channels, and e-commerce alongside its consultant network. Sustainability and ethical sourcing are central to the group’s public positioning. Natura is identified as a founding member of the Union for Ethical BioTrade and has promoted sourcing practices intended to conserve biodiversity, respect traditional knowledge, and distribute value among supply-chain participants. The company states that its cosmetic products are not tested on animals during development or production and that its manufacturing processes follow applicable international safety requirements. Its marketing has often emphasized ordinary women and diverse consumers rather than relying exclusively on conventional supermodel imagery. Natura & Co has operated across dozens of countries and, at its broadest, was described as present in 73 countries on every continent except Antarctica. Its principal competitive environment includes Brazilian and international beauty companies such as O Boticário, L’Oréal, Estée Lauder Companies, and Jequiti. The group remains an active public company under the NTCO ticker, although its asset sales and portfolio restructuring have materially changed the composition of the business.

Natura & Co’s history begins with Natura Cosméticos, established in Brazil in 1969 by Antônio Luiz Seabra. The company initially developed as a Brazilian cosmetics business and gradually differentiated itself through an emphasis on personal relationships, botanical ingredients, and the country’s biological diversity. In 1974, Natura adopted direct selling as its principal commercial model. Independent consultants became the link between the company and consumers, allowing Natura to reach customers beyond conventional department stores and specialist beauty retailers. This model later became one of the group’s defining capabilities. Natura expanded its product range across fragrances, skin care, body care, hair care, make-up, and related personal-care categories. It also built a brand narrative connecting beauty with environmental stewardship and social responsibility. The company’s sourcing policies were designed to support biodiversity conservation, recognize traditional knowledge, and share benefits with participants in the supply chain. Natura became associated with the Union for Ethical BioTrade and publicly maintained a policy against animal testing for its cosmetic products during development and production. The company became a public company in 2004, with shares listed in Brazil’s Novo Mercado segment, which is associated with enhanced corporate-governance requirements. Its internationalization included the opening of a first Paris boutique in 2005. Natura’s geographic expansion ultimately took it into Latin America, Europe, North America, and other regions. By 2018, its consultant network was reported to exceed 6.6 million people worldwide. A major turning point came in 2013, when Natura acquired Aesop. The Australian brand brought a premium, minimalist, retail-oriented approach to skin care and complemented Natura’s more mass-market and direct-selling heritage. In May 2019, Natura announced an agreement to acquire Avon Products. The transaction received Brazilian regulatory approval in November 2019 and closed in January 2020. Avon added a large international sales network and a well-known direct-selling heritage, while the combined company became Natura & Co and was described as the world’s fourth-largest pure-play beauty group. The enlarged portfolio also included The Body Shop. However, the group later moved toward simplification. In 2023, Natura sold Aesop to L’Oréal. In 2025, it sold Avon’s global operations outside Latin America and Russia to Regent, leaving the group more focused on Natura and Avon’s Latin American activities. The future ownership of Avon’s Russian operations was described separately in the reference material as a matter for later consideration involving the Arnest Group. Natura & Co’s development therefore combines organic brand-building, direct-sales expansion, international acquisitions, and later divestment. Throughout these changes, sustainability, ethical sourcing, biodiversity, consultant-led distribution, and inclusive beauty have remained important elements of the group’s public identity. Its operating profile has nevertheless evolved from a broad international multi-brand group toward a narrower portfolio centered on its Brazilian-origin Natura business and selected Avon operations.

• 2025

  Global Avon operations are sold to Regent

  [1]Naturaen.wikipedia.org

  Natura announced the sale of Avon operations outside Latin America and Russia to Regent.

• 2023

  Aesop is sold to L’Oréal

  [1]Naturaen.wikipedia.org

  Natura & Co sold Aesop to L’Oréal as part of a portfolio-restructuring process.

• 2020

  Avon transaction closes

  [1]Naturaen.wikipedia.org

  Natura completed its acquisition of Avon Products in January, creating the enlarged Natura & Co group.

• 2019

  Avon acquisition agreement announced

  [1]Naturaen.wikipedia.org

  Natura announced a definitive agreement to acquire Avon Products.

• 2013

  Natura acquires Aesop

  [1]Naturaen.wikipedia.org

  Natura acquired Aesop, adding a premium international skin-care brand to its portfolio.

• 2005

  First Paris boutique opens

  [1]Naturaen.wikipedia.org

  Natura opened its first boutique in Paris, marking an important step in its international retail presence.

• 2004

  Natura becomes publicly listed

  [1]Naturaen.wikipedia.org

  Natura became a public company and its shares were listed on Brazil’s Novo Mercado.

• 1974

  Natura adopts direct selling

  [1]Naturaen.wikipedia.org

  Natura adopted a direct-sales model using independent consultants, a channel that became central to its growth.

• 1969

  Natura Cosméticos is founded

  [1]Naturaen.wikipedia.org

  Antônio Luiz Seabra founded Natura Cosméticos in Brazil, creating the business that later formed the basis of Natura & Co.

A beauty and personal-care group positioned around sustainability, biodiversity, ethical sourcing, social responsibility, direct selling, and accessible as well as premium beauty brands.

• Beauty and personal care · 1969

  Natura

  Natura is the group’s Brazilian-origin beauty brand and its historic core. Its portfolio covers fragrances, skin care, body care, hair care, make-up, bath products, and other personal-care items. The brand is strongly associated with Amazonian and other Brazilian botanical ingredients, responsible sourcing, biodiversity conservation, and consultant-led distribution. Natura has also used boutiques, retail stores, digital channels, and e-commerce to complement its direct-sales network.

• Beauty and personal care

  Avon

  Avon is a global beauty brand known historically for direct selling through independent representatives. Its range includes fragrances, make-up, skin care, body care, hair care, and personal-care products. Natura acquired Avon Products in a transaction completed in 2020. Following later portfolio restructuring, Natura & Co retained Avon operations in Latin America while selling other global operations outside Latin America and Russia to Regent in 2025.

• Ethical beauty and personal care

  The Body Shop

  The Body Shop is an ethical beauty and personal-care brand associated with skin care, body care, hair care, fragrances, and cosmetics. It was part of the broader Natura & Co portfolio during the group’s multi-brand period. The supplied reference material identifies the brand as belonging to the group but does not provide sufficient detail on its current ownership or operating status.

• Premium skin care

  Aesop

  Aesop is an Australian premium skin-care and personal-care brand known for formulation-led products, restrained design, and a distinctive store concept. Natura acquired Aesop in 2013, expanding its presence in premium global beauty. Natura & Co sold Aesop to L’Oréal in 2023, so it is no longer part of the group’s portfolio.

• 2025

  Sale of most global Avon operations to RegentM&A

  Background

  Natura & Co continued to reduce the complexity of its international brand portfolio after the Avon acquisition.

  Action taken

  The group sold Avon operations outside Latin America and Russia to Regent.

  Aftermath

  The transaction further concentrated Natura & Co on Natura and Avon’s Latin American operations, while the future of Avon’s Russian operations remained a separate consideration.

  Source

• 2023

  Sale of Aesop to L’OréalM&A

  Background

  Natura & Co began simplifying its portfolio after operating a broad collection of international beauty brands.

  Action taken

  The group sold Aesop to L’Oréal.

  Aftermath

  Aesop left the Natura & Co portfolio, marking a significant step in the group’s refocusing process.

  Source

• 2019

  Agreement to acquire Avon ProductsM&A

  Background

  Natura aimed to combine its Latin American cosmetics and direct-selling strengths with Avon’s established international consultant network.

  Action taken

  Natura announced a definitive agreement to acquire Avon Products, subject to regulatory approval.

  Aftermath

  After Brazilian approval in November 2019, the acquisition closed in January 2020 and created the enlarged Natura & Co group.

  Source

• 2013

  Acquisition of AesopM&A

  Background

  Natura sought international growth and exposure to a premium, globally recognizable skin-care business.

  Action taken

  Natura acquired Aesop and incorporated the Australian brand into its international portfolio.

  Aftermath

  Aesop broadened Natura’s presence in premium beauty before being sold to L’Oréal in 2023.

  Source

• 1974

  Adoption of direct sellingStrategy

  Background

  Natura needed a distribution model suited to expanding access to cosmetics beyond conventional retail channels in Brazil.

  Action taken

  The company adopted direct selling through independent consultants, making personal recommendation and relationship-based commerce central to its go-to-market strategy.

  Aftermath

  The consultant network became one of Natura’s most important competitive capabilities and later complemented Avon’s similar distribution heritage.

  Source

1. 1Naturaen.wikipedia.org
2. 2Natura & Co official websitenaturaeco.com