The sale of the Melbourne-based skincare group sets a record for any luxury brand in Australia.
has been offloaded by its Brazilian parent Natura to global giant L’Oreal in a deal that values the Australian company at $US2.525 billion , including debt.
The sale will allow Natura to deleverage its balance sheet and allow it to focus on Avon international’s footprint as well as the continued improvement of The Body Shop business, Natura said in a statement on Tuesday. It said it entered a binding agreement with the buyer on April 3.
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