Primavera Capital Enters Bidding for Stake in Natura’s High-End Beauty Business

The stake is being sold by Brazilian cosmetics maker Natura & Co. and a deal could value Aesop at about $2 billion

Aesop is owned by Brazilian cosmetics maker Natura & Co.
By Vinicy Chan, Vinícius Andrade and Cristiane Lucchesi
April 01, 2023 | 10:27 AM

Bloomberg — Primavera Capital has entered the race to acquire a stake in high-end cosmetics brand Aesop, people with knowledge of the matter said.

The Chinese investment firm is through to the latest round of bidding for the holding, according to the people, who asked not to be identified discussing confidential information.

The stake is being sold by Brazilian cosmetics maker Natura & Co. (NTCO3) and a deal could value Aesop at about $2 billion. French skincare company L’Oreal SA and private equity firm Permira are also competing for the asset, Bloomberg News reported earlier this month.

Deliberations are ongoing and no final decisions on the size or timing of any stake sale have been taken, the people said. A spokesperson for Natura didn’t immediately respond to a request for comment, while a representative for Primavera declined to comment.


Shares of Natura pared losses in Sao Paulo Friday on Bloomberg’s report, after falling as much as 7% earlier. The stock was down 3.2% at 13.20 reais at 12:05 p.m. local time.

Sao Paulo-based Natura said earlier this month it received non-binding offers for a partial or total sale of Aesop, and continues to review options. The move is part of a broader overhaul being orchestrated by Fabio Barbosa, who took over as chief executive officer last year.

Natura is working with Bank of America Corp. and Morgan Stanley as it explores the sale of a stake in Aesop, people familiar with the matter said previously.

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Founded in 1987, Melbourne, Australia-based Aesop manufactures a range of creams and lotions for skin, hair and body. Natura acquired a majority stake in the business in 2013.

Primavera was started by former Goldman Sachs Group Inc. rainmaker Fred Hu. The firm has invested in companies including Yum China Holdings Inc., the operator of KFC and Pizza Hut in China, and Mead Johnson Nutrition Co.’s greater China business.

--With assistance from Ruth David