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A Brazilian company is looking to buy L'Oreal's 'The Body Shop' in a $1.1 billion dealby Circa News

French cosmetics and luxury goods group L'Oreal is in talks to sell The Body Shop business to Brazilian makeup company Natura for 1.12 billion.

The Body Shop sells its products in 66 countries. L'Oreal on Friday confirmed the talks.

Natura says the deal is subject to regulatory approval. If approved, it would close later this year.

L'Oreal has owned the 40-year-old Body Shop brand since 2006.

Natura chief executive Joao Paulo Ferreira said The Body Shop would fit in well with Natura's similar businesses, such as its "Aesop" brand, according to Reuters.

The Body Shop was founded in March 1976.

Natura was founded in August 1969.

Here is a statement from Jean-Paul Agon, Chairman & CEO of L’OrĂ©al: