Several companies are reported to have been selected for the next round of the auction
L’Oréal is reported to have chosen the companies it wants to progress to the second round of The Body Shop auction.
According to Bloomberg sources, Brazilian cosmetics giant Natura Cosmeticos has been put forward, as have private equity firms CVC Capital Partners, Advent International and Investindustrial Advisors.
People familiar with the matter are said to have revealed that bids for the cosmetics retailer and brand came in at more than €800m ($850m).
This figure is under the previously rumoured asking price of approximately £852m and slightly over the amount that L’Oréal bought The Body Shop for more than ten years ago in a £652m ($833m) deal.
Binding offers are slated for June, Bloomberg's sources said.
Prior to the latest Bloomberg report, it was thought that 15 companies had submitted bids for The Body Shop.
However, Natura Cosmeticos had not been named before. Natura is the leading company in Brazil’s cosmetic, fragrance, toiletry and direct sales market.
It is present in seven Latin American countries and France.
It owns a number of cosmetics brands including AMÓ, Ekos, Tododia, Una, Chronos, SOU, Horus, Mamäe e Bebê among others.
Natura’s long-standing commitment to sustainability tallies with The Body Shop’s approach to creating and selling eco-friendly cosmetics manufactured with Community Trade suppliers.
Last year, Natura gained Union for Ethical BioTrade (UEBT) certification for 14 supplier communities from the Amazon.
Natura Cosmeticos said: "Natura does not comment rumours of the market."