The Brazilian cosmetics group has appointed three new members to its board of directors coming from the recently acquired American company Avon.
Natura strengthens its board of directors. A few months after reaching an agreement for the acquisition of the cosmetic and beauty company Avon, the Brazilian group has appointed three new members to its board of directors coming from the American company. The operation expects to be completed in the first quarter of 2020.
The new additions to the board will be Nancy Killefer, who has served on Avon’s board since 2013, Andrew G. McMaster, who has been serving as the chair of the audit committee on the Avon Products board since 2018 and W. Don Cornwell, that has been a member of Avon’s board since 2002.
Natura has appointed three Avon directors to its board
After the acquisition, Natura will control 76% of Avon, while the remaining 24% remains in the hands of the shareholders of the American company. This would be the second major corporate operation of the Brazilian giant in recent years. In 2017, Natura acquired The Body Shop from L'Oréal in an operation valued at 1.1 billion dollars.
As Natura explained in a statement, Avon’s acquisition makes it the fourth largest cosmetic group in the world by revenue, with an annual turnover of 10 billion dollars. Avon ended its fiscal year 2018 with losses of 21.8 million dollars, while Natura reached a net profit of 548.4 million reais (144.9 million dollars), down 18, 2% year-on-year.