Brazilian cosmetics company Natura &Co has completed the acquisition of direct-selling company Avon Products.
The deal closure comes after Natura secured all mandatory regulatory approvals required for the acquisition last month.
Natura &Co will now have annual gross revenues of over $10bn and a total of 40,000 associates in over 100 countries.
The global, purpose-driven, multi-channel and multi-brand cosmetics group includes Avon, Natura, The Body Shop and Aesop.
Natura &Co will also hold significant positions in relationship vending online and offline by selling via Avon and Natura.
With over 3,000 retail stores and an expanded digital presence, the acquisition will strengthen the group’s position in the retail space.
Avon has been providing innovative, quality beauty products to women for 130 years.
Natura &Co executive chairman of the board of directors and group CEO Roberto Marques said: “Alongside the experienced, diverse and international senior management team we are announcing today, I am proud and privileged to lead Natura &Co’s next steps in its journey.
“Our aspiration is to build not just the best beauty company in the world, but the best beauty company for the world. With the addition of Avon, we have created a family of companies with unrivalled direct-to-consumer reach and a formidable platform for growth.”
In a separate development, the group has appointed a new senior leadership team to drive the company’s next growth phase.
Natura &Co existing executive chairman of the board of directors Roberto Marques will now serve as the group chief executive officer. Joao Paulo Ferreira has been appointed as Natura &Co Latin America CEO and Angela Cretu as CEO of Avon.