'Business as usual' at Northampton's Avon HQ despite £1.58bn buyout
Staff at Northampton's Avon headquarters will not be affected by an impending buyout as the Brazillian company that owns Body Shop prepares to acquire the cosmetics firm.
Sao Paolo-based Natura Cosméticos is in the process of acquiring the cosmetics brand and direct-selling retailer Avon in a £1.58 billion deal.
The deal will give the firm control over three-quarters of Avon, with remaining shares handed to shareholders.
However, with Avon UK's headquarters based at Nunn Mills road in Northampton, the company has confirmed that the acquisition will not have an immediate impact on staff.
It will be "business as usual" with "no planned change for the Northampton HQ" a spokeswoman told the Northampton Chronicle and Echo.
Avon, which is listed in New York with a market value of about £1.1 billion has its global headquarters in London.
Jan Zijderveld, CEO of Avon, said: “This combination is the start of an exciting new chapter in Avon’s 130-year history. It stands as a testament to the progress of our efforts to ‘Open Up Avon’, and we believe it will allow us to significantly accelerate our strategy and further expand into the online channel."
Back in January Avon UK announced that members of the business development team could be at risk as part of a bid to create a "leaner organisation".
At that time the firm announced some 2,300 job losses as part of its plan to reduce its global workforce by a tenth in 2019, saving Avon almost $100 million (£77.8 million).
The acquisition by Natura Cosméticos is expected to help the firm expand its digital presence and adapt to an age of e-commerce.
Natura bought skin & haircare retailer Aesop in 2016 and then went on to buy British retailer The Body Shop from L’Oréal in an £877 million deal in 2017.