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Aurelius Group has entered into exclusive talks to acquire The Body Shop from Natura and Co, according to reports from Sky News.
Banking sources told Sky that the deal for the brand which Natura put up for sale over the summer was expected to be completed next month.
If completed, a deal is expected to value The Body Shop at a substantially lower price than the £400m to £500m suggested in some media reports since the auction was launched.
Aurelius has reportedly seen off competition from Alteri Investors, private equity firm Epiris and Elliott Advisors.
Aurelius acquired Footasylum from JD Sports last year and also owns Lloyds Pharmacy.
The Body Shop employs about 10,000 people, and operates roughly 3,000 stores in 70 countries.
Both Aurelius and Natura declined to comment on the reports.
