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Natura & Co Sells Avon Operations in Central America
By Guy José Bendaña-Guerrero & Asociados
Natura & Co has finalized the sale of Avon’s operations in Guatemala, Nicaragua, Panama, Honduras, El Salvador, and the Dominican Republic to Grupo PDC, a regional consumer goods company with operations in Central America and Peru, according to company disclosures and filings.
The transaction was concluded for a symbolic price of one US dollar plus the assignment of a USD 22 million receivable.
Under the terms of the agreement, Natura will transfer direct control of the Avon operations in these six countries to Grupo PDC. As part of the arrangements, Natura will continue to supply finished products to the business and will act as the licensor of the Avon brand in the region. This structure is set out in the company’s official announcement and accompanying financial filings.
Natura originally acquired Avon in 2019, creating a combined entity with significant international reach. The Avon operations covered by this sale, often referred to internally as Avon CARD, had previously been classified by Natura as “held for sale” in its financial reporting, indicating management’s intention to complete a divestiture within 12 months.
In its third-quarter 2025 financial report, Natura noted that it had completed the sale of the Avon units in Central America and the Dominican Republic as part of its broader process of corporate simplification, while continuing to advance its strategic objectives across Latin America. The company also reported other financial results in the same period, including consolidated net revenues and the ongoing progress of integrating Avon and Natura operations in the region.
Official statements from Natura emphasize that the sale of these operations does not affect the company’s ownership of Avon’s intellectual property rights in Latin America, which remain with Natura &Co. The company also announced separate agreements to sell the Avon International business in Europe, Africa, and Asia to another buyer, subject to regulatory approval and customary closing conditions.
Financial details released by Natura indicate that the sale of the Central American and Dominican Republic units involves the nominal consideration described above, with the receivable linked to prior accounts between Avon Guatemala and Natura’s Mexican subsidiary. The transaction reflects the terms disclosed in Natura’s official investor relations communications and securities filings.
Avon is a global beauty and personal care brand founded in 1886 in the United States. The company is best known for its direct-selling model, through which independent representatives market and sell products such as cosmetics, skincare, fragrances, and personal care items directly to consumers.
Guy José Bendaña-Guerrero & Asociados
GUY JOSE BENDAÑA GUERRERO & ASOCIADOS has a long and prosperous tradition in the field of intellectual property (IP) in Nicaragua, with roots that go back to more than 100 years, resulting on long-term relationships with renowned clients and attorneys worldwide.
The firm has its origins in the law firm Henry Caldera & Henry Caldera-Pallais, founded in 1907 by Mr. Henry Caldera. That same year of 1907, through the efforts of Mr. Caldera, Nicaragua had its first Trademark Law. In the late 1930’s, Mr. Caldera’s oldest son, Dr. Henry Caldera-Pallais, after studying law in Nicaragua, attended the University of Michigan, where he graduated as a Registered U.S. Patent Attorney. Dr. Caldera-Pallais in 1964 was a founding member of the Interamerican Association of Intellectual Property (ASIPI), the first regional intellectual property organization in the Americas. The firm continued to grow during the administration of Dr. Franklin Caldera, son of Dr. Caldera-Pallais, who obtained his doctoral degree in law from the Universidad Centroamericana in 1973.
Since 1985 the current partners, Dr. Guy José Bendaña Guerrero and Mrs. Blanca Aragón de Bendaña, took over the management of the firm. Dr. Bendaña Guerrero, Director of the firm, has distinguished himself as one of the most respected authorities in Central America in the field of intellectual property and law in general, being the author of several books such as “Course of Industrial Property Law”, “Study of the new Laws of Industrial Property” and “New Study of Contracts “, among others. Mrs. Aragón de Bendaña has served as the firm’s general manager and, thanks to her excellent management, the firm has been in constant growth, with a highly qualified staff committed to excellence. Since 1996, partner Julián José Bendaña Aragón joined the firm, and has been standing out as one of the most recognized attorneys in the field of intellectual property.
We have adapted to the constant change of the business world, supporting our clients in finding the most appropriate legal solutions for each moment. The firm distinguishes itself by understanding the needs of its clients, offering personalized service and adding value to its activities.
Nowadays we continue to be the leading firm in Nicaragua in the area of intellectual property, and at the same time, we have been consolidating other areas of service within the civil, commercial and labor fields, as well as litigation and consulting in general. The firm is well positioned to guarantee a pragmatic service that meets the requirements of the most demanding clients.
