L’Oreal sells The Body Shop in a €1bn deal

COSMETICS chain The Body Shop, which has two stores in Northern Ireland, has been sold to Brazilian firm Natura in a deal thought to be worth €1bn (£884m).

French beauty giant L’Oreal confirmed it had agreed the sale, which will end its 11-year ownership of the ethical skincare brand. There are Body Shop stores at Belfast’s Donegall Place and Londonderry’s Foyleside Shopping Centre.

L’Oreal said it hoped the deal will go through later this year, subject to regulatory clearance, “notably in Brazil and in the United States”.

L’Oreal put The Body Shop on the sale block in February and confirmed in June that it had entered into exclusive talks with Natura Cosmeticos.

Natura fought off a number of other bidders for The Body Group, including private equity group CVC and China’s Fosun.