-- Senior leadership team to be appointed to drive new chapter of growth

Natura &Co (NTCO3 – B3) announces that it expects to close today the 
acquisition of Avon Products, Inc. and appoint the new senior leadership team 
to drive the company's next phase of growth.

The landmark transaction creates the world's fourth-largest pure-play beauty 
company. This marks a major new step in building a purpose-driven group 
committed to a different way of doing business. Natura &Co, which trades on the 
B3 stock exchange in Sao Paulo, also expects to begin trading through ADRs on 
the NYSE (NTCO) on January 6.

The combination of Avon, Natura, The Body Shop and Aesop significantly 
amplifies the reach of a multi-channel, multi-brand group that will be an 
unparalleled leader in the Direct-to-Consumer space, bringing beauty to over 
200 million consumers across the world anytime, anywhere, every day through 
multiple channels, touchpoints and iconic brands. 

Natura &Co will hold leading positions in relationship selling, on and offline, 
through both Avon and Natura, with over 6.3 million Consultants and 
Representatives.  The group will also have a strong position in retail with 
more than 3,000 stores and an expanded digital presence across all the 
companies. Natura &Co will have combined annual gross revenues of over US$10 
billion, more than 40,000 associates, a broad and complementary product 
portfolio across key categories and a global footprint in over 100 countries.

As a purpose-driven company, Natura &Co will have a stronger voice to advocate 
for causes including female empowerment, fighting  the climate crisis, 
cruelty-free cosmetics and developing strong ties with local communities, all 
of which are part of its belief in a better way of doing business through 
positive social, economic and environmental impact. 

Luiz Seabra, co-founder of Natura, declared: "Natura has just finished 
celebrating its 50th anniversary, and there could be no better way to open this 
next chapter in our history than to welcome Avon into our family. We are united 
by a shared vision and a passion for beauty and relationships, and together, we 
will be an even stronger force for good, striving to build a fairer and more 
beautiful world."

Appointment of organizational structure and management team, subject to 
applicable corporate approvals:

Roberto Marques, who became Executive Chairman of the Board of Directors of 
Natura &Co in 2017, will also serve as Group Chief Executive Officer. Mr. 
Marques joined Natura Board of Directors about four years ago. During this 
period, he championed the global, multi-channel, multi-brand approach, leading 
the acquisition of The Body Shop in 2017 and now the combination with Avon. He 
has extensive global experience and a strong transformation track record in the 
consumer goods industry, having held, prior to Natura &Co, various senior 
leadership roles at Johnson & Johnson and Mondelez International for over 30 
years. 

Mr. Marques will continue to head a diverse and experienced Group Operating 
Committee (GOC), which includes the CEOs of each of the four businesses and 
brands as well as key functional positions. The four business units have been 
organized based on the Group's strategic priorities at this stage:

    -- Natura &Co Latin America, encompassing responsibility for the P&Ls of 
       Natura, Avon, The Body Shop in the region and Aesop in Brazil. This role 
       will also have responsibility for the innovation and stewardship 
       globally of the Natura brand 
    -- Avon (excluding Latin America), responsible for the P&L of all the 
       market clusters in Europe, Africa, Middle East and Asia. This role will 
       also be responsible for the Avon brand innovation and stewardship 
       globally. Additionally, in the future, it will have responsibility for 
       the Natura brand's international expansion outside of Latin America 
    -- The Body Shop 
    -- Aesop

Joao Paulo Ferreira is assuming the role of CEO Latin America of Natura &Co. 
The new organization in Latin America will allow the group's four brands to 
maximize their potential, capture significant synergies and accelerate growth 
across their footprint and multi-channel presence.  Mr. Ferreira successfully 
led Natura's revitalization of its direct selling model since becoming CEO in 
October 2016, energizing the new commercial model and digitalization. He had 
previously been Vice-President Operations and Logistics and Vice-President 
Commercial at Natura after a long career at Unilever.

Angela Cretu is appointed CEO of Avon, responsible for the business outside of 
Latin America and for the oversight of the Avon brand globally. A native of 
Romania, Ms. Cretu has over 20 years of experience at Avon in various senior 
executive roles, most recently as Group Vice President and General Manager, 
Central Europe, responsible for 18 countries. Before that she successfully led 
the Eastern Europe and Africa/Middle East clusters and Global roles. She has a 
passion for Avon, its employees, Representatives and customers.  On top of her 
recognized management skills, international perspective and industry 
experience, she has been deeply involved in Avon's drive for women's economic 
empowerment, all of which will be major assets to take Avon and Natura forward.
 
David Boynton will remain CEO of The Body Shop, continuing driving the 
transformation and brand revitalization which is underway and already yielding 
positive results. He was formerly CEO of Charles Tyrwhitt and CEO for Western 
Markets for L'Occitane. 

Michael O'Keeffe, CEO of Aesop since 2003, also remains in his current 
position, driving the high growth of this unique and prestigious brand and, 
with the support of the rest of the group, transforming it into a true triple 
bottom line business.

Roberto Marques, Executive Chairman of the Board of Directors and Group CEO of 
Natura &Co, commented: "Alongside the experienced, diverse and international 
senior management team we are announcing today, I am proud and privileged to 
lead Natura &Co's next steps in its journey. Our aspiration is to build not 
just the best beauty company in the world, but the best beauty company FOR the 
world. With the addition of Avon, we have created a family of companies with 
unrivalled direct-to-consumer reach and a formidable platform for growth. I am 
looking forward to working together to drive further our triple bottom line 
approach and write the next chapter in our journey."

About Natura &Co

Natura &Co is a global, purpose-driven, multi-channel and multi-brand cosmetics 
group which includes Avon, Natura, The Body Shop and Aesop. Natura &Co posted 
net revenues of R$ 13.4 billion in 2018. The four companies that form the group 
are committed to generating positive economic, social and environmental impact. 
For 130 years Avon has stood for women: providing innovative, quality beauty 
products which are primarily sold to women, through women. Founded in 1969, 
Natura is a Brazilian multinational in the cosmetics and personal care segment, 
leader in direct sales. Founded in 1976 in Brighton, England, by Anita Roddick, 
The Body Shop is a global beauty brand that seeks to make a positive difference 
in the world. The Australian beauty brand Aesop was established in 1987 with a 
quest to create a range of superlative products for skin, hair and the body. 

CAUTION ABOUT FORWARD-LOOKING STATEMENTS

Statements in this communication (or in the documents it incorporates by 
reference) that are not historical facts or information may be forward-looking 
statements within the meaning of the Private Securities Litigation Reform Act 
of 1995. Among other things, these forward looking statements may include 
statements regarding the proposed transaction involving Natura and Avon; 
beliefs relating to value creation as a result of a proposed transaction 
involving Natura and Avon; the expected timetable for completing the 
transaction; benefits and synergies of the transaction; future opportunities 
for the combined company; and any other statements regarding Avon's and 
Natura's future beliefs, expectations, plans, intentions, financial condition 
or performance. In some cases, words such as "estimate," "project," "forecast," 
"plan," "believe," "may," "expect," "anticipate," "intend," "planned," 
"potential," "can," "expectation," "could," "will," "would" and similar 
expressions, or the negative of those expressions, may identify forward-looking 
statements. These forward-looking statements are based on Natura's and Avon's 
expectations and beliefs concerning future events and involve risks and 
uncertainties that may cause actual results to differ materially from current 
expectations. These factors are difficult to predict accurately and may be 
beyond Natura's and Avon's control. Forward-looking statements in this 
communication or elsewhere speak only as of the date made. New uncertainties 
and risks arise from time to time, and it is impossible for Natura or Avon to 
predict these events or how they may affect Natura or Avon. Therefore, you 
should not rely on any of these forward-looking statements as predictors of 
future events. Except as required by law, neither Natura nor Avon has any duty 
to, and does not intend to, update or revise the forward-looking statements in 
this communication or elsewhere after the date this communication is issued. In 
light of these risks and uncertainties, investors should keep in mind that 
results, events or developments discussed in any forward-looking statement made 
in this communication may not occur. Uncertainties and risk factors that could 
affect Natura's and/or Avon's future performance and cause results to differ 
from the forward-looking statements in this communication include, but are not 
limited to, (a) the parties' ability to consummate the transaction or satisfy 
the conditions to the completion of the transaction, including the receipt of 
shareholder approvals and the receipt of regulatory approvals required for the 
transaction on the terms expected or on the anticipated schedule; (b) the 
parties' ability to meet expectations regarding the timing, completion and 
accounting and tax treatments of the transaction; (c) the possibility that any 
of the anticipated benefits of the proposed transaction will not be realized or 
will not be realized within the expected time period; (d) the risk that 
integration of Avon's operations with those of Natura will be materially 
delayed or will be more costly or difficult than expected; (e) the failure of 
the proposed transaction to close for any other reason; (f) the effect of the 
announcement of the transaction on customer and consultant relationships and 
operating results (including, without limitation, difficulties in maintaining 
relationships with employees or customers); (g) dilution caused by Natura's 
issuance of additional shares of its common stock in connection with the 
transaction; (h) the possibility that the transaction may be more expensive to 
complete than anticipated, including as a result of unexpected factors or 
events; (i) the diversion of management time on transaction-related issues; (j) 
the possibility that the intended accounting and tax treatments of the proposed 
transactions are not achieved; (k) those risks described in Section 4 of 
Natura's Reference Form for 2018, version 15, which was filed with the 
Brazilian Securities Commission on April 24, 2019; and (l) those risks 
described in Item 1A of Avon's most recently filed Annual Report on Form 10-K 
and subsequent reports on Forms 10-Q and 8-K.
 
SOURCE Natura &Co

CONTACT: Media enquiries Natura &Co: Marcelo Behar, Corporate Affairs Officer 
Natura &Co, natura@brunswickgroup.com; Investor Relations Natura &Co: Viviane 
Behar de Castro, Investor Relations Director, Natura &Co, RI@natura.net