Brazilian cosmetics manufacturer Natura Cosméticos has completed its acquisition of The Body Shop from L’Oréal after being given the green light by competition watchdogs.

Natura, Brazil’s leasing cosmetics firm, did not reveal how much the deal was worth, but it is understood to be in the region of €1bn (£880m).

As previously reported, L’Oréal initially struck a deal to sell The Body Shop to Natura on June 9, but that transaction has now been rubber-stamped by the relevant authorities.

Natura said the acquisition marked “a further decisive step” in its bid to become a “global, multibrand and multichannel cosmetics group”.

It already boasts the Natura and Aesop brands in its stable.

The enlarged Natura group will boast 3,200 stores in 69 countries, employing 18,000 staff.

Natura co-chairman Guilherme Leal said: “We are thrilled to welcome The Body Shop to the Natura group.

“This alliance creates a combination of companies that share a common purpose that goes way beyond usual businesses. A new force for good is taking shape.”