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French beauty prod­ucts giant L’Oreal said yes­ter­day it has a signed a con­tract to sell The Body Shop, which it has owned for over a decade, to Brazil’s Natura Cos­meti­cos for €1 bil­lion. L’Oreal said in a state­ment that it signed the con­tract af­ter get­ting ap­proval from its works coun­cil. Nev­er­the­less, “the pro­posed sale is sub­ject to clear­ance by anti-trust author­i­ties no­tably in Brazil and in the United States, and ex­pected to close dur­ing 2017”, the state­ment added.

Jane Min­gay / AFP

L’Oreal has agreed to sell The Body Shop.

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