Natura Cosmeticos has confirmed its purchase of The Body Shop from French Cosmetics giant L'Oreal is complete.
The deal is reportedly worth around £880 million.
Natura, which is Brazil's biggest cosmetics company, owns a portfolio of brands including Natura and Aesop.
The Body Shop has seen its sales slump in recent years. This has been partly put down to ethical customers abandoning the store; although it is Cruelty Free International-certified, L'Oreal is famously prolific when it comes to animal testing.
The shop has recently been pushing for vegan business - clearly marking its animal secretion-free products, and releasing new vegan lines.
Natura is registered as a ‘B-corp’, which means it has to meet 'rigorous standards of social and environmental performance, accountability, and transparency', according to the Community of Certified B Corporations.
The Brazilian company uses renewable energy that is generated onsite and uses environmentally-friendly packaging for its products.
It is also reportedly cruelty-free. Marcos Vaz, director of technical services at Natura Brasil, says: "In 2001, Natura Brasil decided to end its use of animal testing. Major investment in education, training, and the search for new alternative technologies enabled us to replace animal testing with in vitro procedures.
"We eliminated animal testing for all our finished products used by the consumer, and also for our raw materials and active ingredients."
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."
Jean-Paul Agon, L’Oréal Chairman and CEO, said: "Natura will support The Body Shop development in the long-term, and enable The Body Shop to best serve its customers while respecting its strong commitments towards its employees, franchisees, and stakeholders.
I would like to thank all The Body Shop employees and partners around the world for their contribution to the development of the brand over the past eleven years, and I am confident they will be in the best hands for the future."