Brazilian beauty conglomerate Natura & Co announced that three new members will be joining its board of directors from Avon when it closes its acquisition of the company, an operation it expects to complete in the first quarter of 2020. With the arrival of the three new members, all of whom currently serve on Avon’s board, Natura’s board of directors will have a total of 13 members, nine of whom will be independent. First among the new additions is Nancy Killefer, who has served on Avon’s board since 2013, when she stepped down from her position as a senior partner at Mc Kinsey & Company. The all-stock offer of around $2 billion will result in Natura shareholders holding 76% of the new company, which will have annual revenues of more than $10 billion The acquisition will make Natura, which already owns The Body Shop and Aesop as well as its namesake brand, the fourth largest cosmetics company in the world, boasting 3,200 stores spread over 100 countries.
