MANILA, Philippines — The Philippine Competition Commission (PCC) has officially approved the 100-percent acquisition of Natura & Co. UK Holdings Limited by Avon International Limited, concluding that the merger does not threaten market competition.
In a statement released on Monday, March 9, 2026, the antitrust watchdog confirmed that the deal passed its review for several reasons:
- No Market Overlap: The two companies operate in different market segments. They are not direct competitors, nor do they share a supplier-customer relationship.
- Intimate Apparel Sector: While both firms have interests in the intimate apparel industry, the PCC noted they occupy different niches. Even when viewing the broader market, the transaction was deemed unlikely to significantly enhance market power or harm consumer choices.
- Consumer Impact: The PCC determined that the takeover would not lead to higher prices or reduced quality for Filipino consumers.
- Avon International Limited: A special purpose vehicle under the investment firm Regent L.P., which owns other major global brands such as La Senza and Bally.
- Natura & Co. UK Holdings Limited: The parent entity that manufactures personal care, cosmetics, and mass-market fashion products. It operates in the Philippines via Avon Cosmetics, Inc. and Avon Products Mfg. Inc.
The clearance allows the global restructuring of the Avon and Natura brands to proceed locally, ensuring the continuity of operations for one of the country’s most well-known direct-selling beauty brands.
