Aurelius Group announced Tuesday its acquisition of cosmetics and skincare retailer The Body Shop International.

Brazilian beauty company Natura &Co sold The Body Shop to the European private equity firm for £207 million ($254.32 million), Reuters reported.

This is far less than the estimated $1.1 billion Natura reportedly paid to acquire The Body Shop from cosmetic giant L'Oreal in 2017.

"We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the cruelty-free and natural ingredient movement in the health and beauty market," Tristan Nagler, partner at Aurelius, said in a statement. "We look forward to working with CEO Ian Bickley and his team to drive operational improvements and re-energize the business, and help to deliver the next chapter of success." 

(Photo : Getty Images/Scott Barbour)
A woman walks past The Body Shop store window on March 17, 2006 in London, England. Beauty products retailer Body Shop have announced that they be taken over by French cosmetics company L'Oreal in a deal worth GBP652m.

"With the sale of The Body Shop, we are taking another important step in Natura &Co's new development cycle to unlock significant value," Fabio Barbosa, chief executive officer at Natura, stated. 

"Refocused, deleveraged and leaner, Natura &Co will now be able to fully concentrate on its core relationship selling expertise in Latin America while also continuing the optimization of Avon International's footprint and investing in initiatives and innovations that positively impact people and the planet," he added. 

The deal came after reports in August that Natura's board had given management the green light to explore strategic options for The Body Shop amid the cosmetic retailer's declining sales.

Earlier this year, David Boynton stepped down as chief executive at The Body Shop after five years in the position. Ian Bickley, a member of Natura's board and former Coach boss, was appointed the interim CEO.

Meanwhile, this is not the first major divestment by Natura this year.

In April, Natura offloaded its luxury brand Aesop to L'Oreal for $2.53 billion. At the time, the companys said the sale would free up resources to focus on its strategic priorities.

The Body Shop was founded in 1976 in Brighton, England,  by Dame Anita Roddick, who believed that "business could be a force for good."

The cosmetic retailer currently has over 30 million customers and 10,000 employees worldwide and operates in around 3,000 stores in more than 80 countries.