PARIS, June 9 (Reuters) - French cosmetics and luxury goods group L'Oreal has started talks with Brazilian make-up company Natura Cosmeticos over selling its Body Shop business, L'Oreal said on Friday.
L'Oreal added in a statement that the companies' proposed transaction placed an enterprise value of 1 billion euros ($1.1 billion) on The Body Shop business.
L'Oreal said earlier this year that it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds in 2006, and the sale of the business had attracted a wide range of bidders.
Founded in 1976 by British entrepreneur Anita Roddick, the company was a pioneer in the ethical beauty industry but has since fallen victim to increased competition from newcomers also offering similar products based on natural ingredients and no animal-testing.
$1 = 0.8930 euros Reporting by Sudip Kar-Gupta ; Editing by Matthias Blamont