Acquisition creates new beauty powerhouse
Natura &Co is set to close its acquisition of Avon Products on Jan. 3, and has appointed a new senior team to drive the company’s growth.
The transaction creates the world's fourth-largest pure-play beauty company, with combined annual gross revenues of over $10 billion, a broad product portfolio across key categories and a global footprint in some 100 countries. Natura &Co, which is based in Brazil, trades on the B3 stock exchange in Sao Paulo, and expects to begin trading through ADRs on the NYSE on Jan. 6.
In 2017, Natura acquired The Body Shop from L’Oreal. It also owns Aesop, which it acquired in 2013. Natura &Co will hold leading positions in relationship selling, on and offline, through both Avon and Natura, with over 6.3 million consultants and representatives. The group will also have a strong position in retail with more than 3,000 stores and an expanded digital presence across all the companies.
"Natura has just finished celebrating its 50th anniversary, and there could be no better way to open this next chapter in our history than to welcome Avon into our family,” said Luiz Seabra, co-founder of Natura. “We are united by a shared vision and a passion for beauty and relationships, and together, we will be an even stronger force for good, striving to build a fairer and more beautiful world."
Roberto Marques, who became executive chairman of the board of Natura &Co in 2017, will also serve as group CEO. Prior to Natura &Co, he held various senior leadership roles at Johnson & Johnson and Mondelez International for over 30 years.
Marques will continue to head a diverse group operating committee (GOC), which includes the CEOs of each of the four businesses and brands as well as key functional positions. The four companies that form the group are committed to generating positive economic, social and environmental impact, according to Natura &Co.
Joao Paulo Ferreira is assuming the role of CEO Latin America of Natura &Co. The new organization in Latin America will allow the group's four brands to maximize their potential, capture significant synergies and accelerate growth across their footprint and multi-channel presence.
Angela Cretu is appointed CEO of Avon, responsible for the business outside of Latin America and for the oversight of the Avon brand globally. She has over 20 years of experience at Avon in various senior executive roles, most recently as group VP and general manager, Central Europe, responsible for 18 countries.
David Boynton will remain CEO of The Body Shop, continuing driving the transformation and brand revitalization which is underway and already yielding positive results. He was formerly CEO of Charles Tyrwhitt and CEO for Western Markets for L'Occitane.
Michael O'Keeffe, CEO of Aesop since 2003, also remains in his current position, driving the high growth of the brand and, with the support of the rest of the group, transforming it into a true triple bottom line business.