The Philippine Competition Commission (PCC) has cleared the proposed acquisition of Natura & Co. UK Holdings Limited by Avon International Limited, concluding that the transaction is unlikely to harm competition in the Philippines’ beauty, personal care and apparel-related markets.
Avon International, a special purpose vehicle backed by investment firm Regent L.P., is acquiring 100 percent of Natura UK’s shares. Regent’s portfolio includes global retail brands such as La Senza, known for intimate apparel, and Bally, a luxury footwear and leather goods label.
Despite that international footprint, the PCC noted that Regent has limited direct commercial exposure in the Philippines. Its activities in the country largely revolve around licensing brand standards, training and business methods to franchisees rather than directly selling goods in the local wholesale or retail market.
Meanwhile, Natura UK operates globally as a manufacturer and marketer of cosmetics, personal care and fashion products, distributed through direct selling networks, e-commerce platforms and select retail outlets.
In the Philippines, its presence is anchored by Avon Cosmetics, Inc. and Avon Products Manufacturing, Inc., which handle retail, wholesale and direct selling operations while also producing cosmetics and personal care products for both domestic and export markets.
According to the PCC’s Mergers and Acquisitions Office, the deal passed Phase 1 review without competition concerns because the parties operate in different product segments and are not directly competing businesses. They also do not have a vertical supplier–customer relationship that could raise foreclosure risks.
The regulator added that even within broader beauty and apparel markets, numerous competitors remain active, limiting any potential increase in market power.
The clearance allows the global transaction to proceed while maintaining competitive conditions for Philippine consumers and businesses alike.
