Natura & Co has set a final deadline for offers to buy The Body Shop.
Interested parties have until 23 October to submit their bids for the British beauty retailer.
It comes after no formal offers were made during the initial round of non-binding bids, which ended on 11 September.
Investment banking company Morgan Stanley, which is working with Natura & Co, has reportedly set the new ultimatum to speed up the sale process.
Aurelius Group, which owns the Lloyds Pharmacy chain, is rumoured to be in the running to buy The Body Shop.
The owner of British book retailer Waterstones, Elliott Advisors, is also alleged to have submitted an indicative offer for the UK cosmetics chain.
Natura & Co revealed in August that it was looking for a buyer for The Body Shop.
The Brazilian conglomerate said at the time it was exploring strategic alternatives for The Body Shop, which could include “a potential sale of the business”.
It follows a long period of declining sales for The Body Shop, after Natura & Co revealed that The Body Shop’s net revenue for Q2 2023 dipped 12% at constant currency.
The São Paulo-based parent firm also previously targeted The Body Shop for staff cuts.
In February, it slashed 25% of The Body Shop’s leadership team and 12% of its overall staff amid poor Q4 2022 financial results.