Natura &Co
Integrated
Report 2024
1
Overview
Natura &Co
Integrated
Report 2024
Natura &Co who we are
Natura &Co Latin America
Avon International
1
1537
52
1537
159
Avon
International
Fable Investments
Results
Technical references
and GRI Content Index
Fable Investiments
Technical references
174
177
2
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Index
Presentation
Our reporting practices
Materiality
A message from the founders
A Message from the CEO of Natura &Co
2024 highlights
4
7
9
12
15
About us
Our global presence
Our brands
Our business model
Our strategy
Financial Performance
Corporate governance
Ethics and compliance
Corporate risk management
Climate risk: approach,
governance and metrics
Commitment to Life
19
20
21
22
26
29
36
40
42
45
3
3
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Our reporting
practices
GRI 2-2, 2-3, 2-5, 2-6
Welcome to the 2024 edition of our Integrated Report.
Here we present a summary of our financial and
non-financial results, our vision for the future, and our
main commitments, investments and strategies, aimed
at showing our shareholders, investors, communities,
suppliers, employees, Beauty Consultants,
Representatives partners an integrated vision of the
business and its impacts, risks and opportunities.
GRI 2-29
This report brings together indicators, data and a
strategic narrative regarding both the Natura &Co
Latin America and Avon International business units
(the latter of which was reconsolidated in the Group’s
economic-financial results in the fourth quarter of
2024, following the conclusion of the restructuring
process set forth in the Chapter 11 proceedings of Avon
Products Inc. (or API), in the United States), . The Latin
America unit also includes the results of the financial
platform, Emana Pay, and the beauty services platform,
Bluma (which has been included in the sustainability
report but not in the financial data). The reported data
4
4
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
both the business units, except for the period during
been identified by means of a double materiality
which API was under Chapter 11 (between August 12
process, the pillars of the Commitment to Life and
and December 4, 2024).
Natura’s strategic vision of regeneration. We are
also reporting our actions as they align with the Ten
We follow the most widely used international guidelines
Principles of the United Nations Global Compact
for the publication of economic and sustainability
and the Sustainable Development Goals (SDGs). Our
performance: Integrated Reporting (principles of the
board members and executives are responsible for
IFRS Foundation), the standards established by the
defining the guidelines and approving the report’s
Global Reporting Initiative (GRI) and the Sustainability
content and structure. GRI 2-14
Accounting Standards Board (SASB), as well as
the frameworks set forth by the Task Force on
This report has received external assurance from
Climate-related Financial Disclosures (TCFD)
the auditing firm KPMG. The assurance confirms
and the Taskforce on Nature-related Financial
the adherence of the material to the principles
Disclosures (TNFD).
of Integrated Reporting published by the IFRS
Foundation, the GRI Standards and the SASB content
The highly detailed publication of our reporting process
and norms, according to the ISAE 3000 standard,
is enabled by a wide range of multimedia resources and
as well as Technical Pronouncement 09 of the
databases, including a Results Center, ESG Scorecard
Accounting Pronouncements Committee (CPC),
and a databook containing indicators relating to
and Resolution 14/2020 of the Brazilian Securities
Natura &Co Latin America, as well as the Natura &Co
Commission (CVM).
Sustainability Compendium, the financial statements,
and other documents concerning materiality and risks
Access all informational resources
(see the table on the next page).
associated with the Integrated Report.
The content of the Integrated Report was defined
please write to institucional@natura.net.
with the business’ key-themes in mind, these having
For clarification on any doubts,
5
5
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The report covers the period between January
1 and December 31, 2024
Resources and databases*
•
•
•
•
•
•
•
Integrated Report (this document)
Latin America ESG Scorecard
Latin America Databook
Reference Form
Booklet of risks
Natura &Co Holding Company Sustainability Compendium (publication expected
in May, 2025)
Natura &Co Holding Company Management Report and Financial Statements
* Other documents can be found at our Results Center
on the Investor Relations website. GRI 2-29
Scope and reach:
economic-financial data
Natura &Co Holding Company and its business units:
•
•
Natura &Co Latin America
Avon International*
* Except for the Chapter 11 period (August 12 to December 4, 2024).
Scope and cover:
sustainability
indicators*
* Exceptions detailed in the footnotes.
•
•
•
Natura &Co Holding
Natura &Co Latin America
Avon International
Financial reporting standards
and regulations
•
IFRS Accounting Standards and accounting standards adopted in Brazil
Standards, guidelines and ref-
erences for the non-financial
reporting
•
•
•
•
•
•
•
•
•
Global Reporting Initiative (GRI) Standards
SASB Standards (IFRS)
Integrated Reporting Guidelines (IFRS)
Task Force on Climate-related Financial Disclosures (TCFD)
Taskforce on Nature-related Financial Disclosures (TNFD)
Sustainable Development Goals ( SDGs)
Principles of the United Nations’ (UN) Global Compact
CDP Climate, Forest and Water
Corporate Sustainability Index (ISE/B3)
6
6
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Materiality
GRI 3-1, 3-2
The list of topics that are of greatest relevance to
process, thus ensuring that any and all risks and
Natura &Co, in environmental, social, governance
opportunities associated with the material topics are
and business terms, was last updated in 2022; we
monitored and managed in a way that is properly
recognize the need for constant updating and, due
structured. This process strengthens the company’s
to the organizational restructuring that is under
resilience and boosts positive impacts.
way, we will be performing our next update very
soon, in order to include them in the materiality
Our evaluation of the materiality is based upon
matrix. We perform a double materiality
quantitative studies - internal, in-depth interviews
evaluation, covering both the environmental and
with the sustainability managers from each business
social impacts of our activities on the economy,
unit, an online survey with 590 respondents including
the environment, and people (including their
internal and external stakeholders (Employees,
human rights), and the implications of the
Consultants, Consumers, Suppliers, NGOs, Investors,
environmental and social aspects for the
Academics, Companies), as well as in-depth
operational success, financial performance,
interviews during the approval phase. As benchmarks
and general values of the company.
for the construction of the matrix, we also used
external frameworks, ratings and rankings, as well as
We consider this process to be fundamental to our
the materiality analyses of our competitors.
ability to produce periodically updated analyses
regarding the Company’s priority agendas, as well
The process resulted in the establishment of five
as to test the relevance of the issues covered in the
material topics, which include the stakeholders’
Commitment to Life in relation to the needs of our
level of interest, and the potential impact on
principal stakeholders.
the businesses, each of which is in line with the
Natura &Co has implemented the materiality
Commitment to Life and the global sustainable
analysis into its Enterprise Risk Management (ERM)
development agendas.
7
7
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Natura &Co material topics
GRI 3-2
Material
topics
Specific
topics
Description
ENGAGEMENT IN
THE VALUE CHAIN
Circularity
Distribution of
value
increase sustainability in the product
design, promote sustainable supply,
manage water resources, reduce the
use of disposable plastics, and boost
innovation.
Generate a positive impact on the
community, foster diversity and
inclusion, and prioritize employee
health and wellbeing.
SOCIO-
ENVIRONMENTAL
IMPACT
Regeneration
of nature
Address biodiversity, promote
regeneration, and combat
deforestation.
Social
regeneration
Defend human rights and combat
social inequality.
SYSTEMIC
CHANGE
Climate
action
achieve carbon neutrality by 2050
and reducing our absolute emissions
by 42% by 2030, in compliance with
the 1.5°C scenario approved by
the Science Based Targets initiative
(STBi).
1
Details about the material topics
11
10
12
4
9
13
14
16
5
15
17
2
3
6
7
y
t
e
i
c
o
s
n
o
d
n
a
t
n
e
m
n
o
r
i
v
n
e
e
h
t
n
o
s
t
c
a
p
m
I
1
8
Impacts on the business
1. Poverty/Means of subsistence
10. Collaborators’ health and wellbeing
(including a decent wage)
11. Climate action
2. Managing waste and effluents
12. Circularity / packaging
(except packaging)
3. Impact on the community
4. Sustainable supply
(managing ingredients)
5. Diversity and inclusion
6. Biodiversity
(recycling and alternative sources)
13. Water management
14. Regeneration of nature/
Managing natural resources/Land use
15. Deforestation
(impact along the value chain)
7. Governance and responsibility
16. Ethics and integrity
8. Quality and safety of the products
(including bribery and anti-corruption)
(including management of recalls)
17. Design and life cycle of the product
9. Human Rights
(including the carbon footprint)
(internally and in the procurement chain)
8
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
A message
from the Founders
GRI 2-22
From left to right,
Guilherme Leal,
Luiz Seabra
and Pedro Passos
From left to right:
Roberto Marques, Duda Kertész,
Guilherme Leal, Luiz Seabra, Gilberto
Mifano, Pedro Passos,
Carla Schmitzberger and Bruno Rocha.
9
9
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
“There is a constant and intimate contact
among the things that coexist and co-evolve
in the universe – a sharing of bonds and
messages that makes reality into a stupendous
network of interaction and communication.”
“Evolving our thinking and our consciousness
is a precondition of creating a better world,
and dialoguing on the issues that confront
us is a key to evolving our thinking and our
consciousness. Let the conversation began.”
Ervin László
philosopher of science, systems and integral theorist
In light of the disquieting realization that countries
and many organizations are relinquishing their
responsibilities relating to the environment
and saving the planet, as well as unavoidable
commitments to social causes, all of which coincides
with the dramatic worsening of these crises
throughout the world, it seems that a good place
to begin this message would be by recalling the
thoughts of Ervin László. And by suggesting greater
dialog, exchanges of experiences and unity between
companies, civil society and governments - initiatives
that are imperative to promoting joint and firm
actions to try to reverse the extremely threatening
scenario we are facing.
We feel that the world is experiencing a transition
that has arisen from a range of different crises, that
have still not been entirely overcome and have led
to an unclear situation, full of uncertainty, in which
democracy itself is being threatened. Meanwhile,
situations that until recently had been unthinkable
in democratic states governed by the rule of law,
such as questions over territorial sovereignty, have
appeared on the international stage. The pandemic,
the wars in Ukraine and Gaza, coinciding with
the digital revolution and its consequences, the
polarizations that are dividing societies and even
10
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
families, have created a chaotic scenario, which is in
the acquisition of Avon and The Body Shop were not
desperate need of reorder and regeneration.
minimal, requiring that we once again focus our
attention on our areas of greatest responsibility with
Regeneration is at the heart of this message and our
dedication and strategic discipline. The results have
company. We have maintained our now traditional focus
started to appear, notably in the growth of the Natura
on inclusion to transcend it and embrace the renewal
brand and the improved performance of Avon in Latin
and reaffirmation of our commitment to life and the
America.
restructuring of our business and the human relations we
create every day.
We are aware of our shareholders’ demands for
economic results following five years of difficulties
Our transformation into a regenerative business stems
in the history of Natura and we will never stop
from the understanding that humanity and nature nurture
striving for these results with the same diligence with
each other and form part of the same system. When our
which we strive, every day, to improve our ethical
relations are healthy, life becomes incisive and bountiful,
commitment to future generations. This is what unites
able to face and overcome the most varied of adversaries.
the Natura of the past, present and future.
This is essential to rebuild the ecosystems and restore
Even when faced with signs that the planet is under
dialog, respect and empathy between people and peoples.
duress due to the breakdown of environmental, social
The corporate world is in no way removed from this logic,
and diplomatic limits, we believe we stand before a
since real riches are achieved through balance: the wealth
great opportunity. Future generations will look back
of the few at the cost of the poverty of others creates
and be able to see that this was the moment that
unhappiness and instability.
humanity decided, as a matter of choice rather than
We began 2024 in a strong financial situation, the result
they will see in our collective history the map that will
of simplifying and consolidating our business, a cycle that
guide them to the cure that the world needs in the
will come to a close in 2025 with the simplification of the
form of businesses that inspire and open up paths
Avon International operation. The difficulties involving
to a better world.
by chance, to take care of itself and the planet. And
11
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
A message from the
CEO of Natura &Co
GRI 2-22
Fábio Barbosa
For Natura &Co, 2024 represented the consolidation
of the movement towards simplification that we
began back in 2022, with the aim of focusing our
efforts on our strengths. This transformation has
allowed us to grow our business once again and
invest in increasing our ability to have a positive
socio-environmental impact.
In line with our values and our public commitment
to our shareholders and other stakeholders, we have
achieved extremely impressive results for Natura,
and advanced in the process of revitalizing Avon
International, through the prioritization of markets
where the company was already present.
The Natura &Co strategy has been adjusted in light
of the specific needs of our business units, which
have achieved increasingly more management
autonomy. We have drastically simplified the
Holding Company’s organizational design,
strengthened our capital structure and sought
12
12
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
to invest in projects with great potential for value c
renewal of e-commerce, and the entry into
reation, principally those focused on innovation, with
new marketplaces.
omnichannel capabilities and the ability to serve key
regions and markets.
As for Avon International, we have remained focused on
strengthening the brand, prioritizing our operations in
A return to the heart of the business is what is driving
strategic markets, improving the integration of processes,
us during this new phase in the Company's history:
nurturing the organizational culture, and finding ways to
strengthening our differentials and investing in the
reconnect with the consumers. It should be mentioned that
innovation of products and channels, in order to connect
the Chapter 11 proceedings, which ended in December 2024,
with the consumers in who have different needs, providing
resolved the issues with creditors of the Avon Products Inc.
solutions that can be found in the attributes of each of our
non-operational unit in the United States, opening up new
brands. Taking advantage of this moment means making
avenues for Avon International.
difficult decisions, but decisions that are necessary for us to
be able to remain prepared to achieve consistent results.
Whilst transforming the business, we not only achieved
targets contained in our Commitment to Life, but also made
The business indicators from 2024 suggest that we are on
many of them even more ambitious. The Commitment to
the right path. The simplification strategy has paved the
Life is a platform that mobilizes the business around the
way for Latin America to once again invest in innovation
public targets concerning climate action, biodiversity, human
and marketing and drive the continued growth of Natura
rights, social development, circularity and regeneration.
(which has been beating all sorts of performance records
In 2024, we celebrated a number of important milestones:
in Brazil), whilst also strengthening the foundations of Avon.
Natura celebrated its 55th anniversary and a whole decade
The consolidation of the so-called 'Wave Two’, providing the
as a B Corporation. Furthermore, our Ecopark, in Benevides
foundation for the integration of the brands in the region,
(PA), also celebrated its 10th anniversary of existence in the
was a determining factor in the achievement of these
heart of the Amazon region, acting as our main geographical
results. Also in Latin America, we took important steps
axis for positive impact, and combining our industrial
forward in our omnichannel capabilities, the expansion of
operations with innovation and partnerships with the
physical retail, digitization of the Beauty Consultancy, the
supplier communities.
13
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Over the course of the year, we published the Natura
What we have learned from our experience as a
Climate Transition Plan, which outlines how we will
global group, over the last few years, has reinforced
be advancing in the decarbonization of the business
the importance of a better understanding the
and operating in relation to the risks and opportunities
markets in which we wish to operate and remain
associated with climate change throughout the production
as leaders. Natura’s excellent results, principally
chain. We also recorded gains in our impact indicators,
in Brazil, attest to the sound strategy adopted in
such as Integrated Profit and Loss (IP&L) and the Beauty
recent years, and we have continued to explore its
Consultants’ HDI. In 2024, Avon International was awarded
potential to attain even greater value. We began
The Leaping Bunny seal by Cruelty Free International,
2025 confident of the solid base upon which our
reaffirming our commitment to fighting against testing
strategic premises and current projects are built,
on animals in the cosmetics industry. These achievements
even in the face of a volatile geopolitical and
reflect the genuine way in which the Company cares for
macroeconomic scenario.
its relationships - a feature that has always run through the
Natura and Avon histories, and is being reaffirmed at this
We have the security and privilege to be able to
moment of significant change at the Holding Company.
rely on teams that are engaged and experienced,
as well as on a powerful network of Beauty
In response to the global uncertainties concerning
Consultants and Representatives, suppliers,
the direction of the ESG (environmental, social and
communities and consumers. The resilience of
governance) agenda, we must once again restate that
our business arises not only from the principles
this is not the time to step away. At the beginning of
and values that we have reaffirmed, but also from
2025, we publicly stated our position on this matter, by
strength that supports us and which contributes
declaring that the appreciation for life and the relations
every day to breathe life and meaning into our
that support it is what guides all of our strategic
purpose of nurturing beauty and relations for a
decisions. We continue to believe that the world needs
better way of living and doing business. To each
more businesses that can have a positive, measurable
one of the people who form part of this effort to
impact and balance the relations between people,
increase and improve wellbeing through beauty
ecosystems and the market, through innovation,
and the nurturing of relations, I would like to
collaboration and the regenerative economy.
extend a heartfelt thank you. Now let’s go!
14
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
2024 highlights
ESG highlights
We have reduced absolute emissions in Scopes 1
and 2 by 43%, meaning we have already achieved the
2030 medium-term target endorsed by the SBTi (-42%).
We launched the first sustainability-linked bond focused
on biodiversity, raising BRL 1.3 billion for Natura’s sustainable
use of bioactives in the Amazon region.
We commemorated ten years as a ‘B Corporation’,
with recertification of both the brand and Natura &Co.
We founded the Regenerative Alliance, engaging
100 companies from across the value chain in actions
of regeneration.
Cruelty Free International awarded all Avon’s toiletries and
beauty products ‘The Leaping Bunny’ seal. Natura has held
this certification since 2018..
We became ambassadors for the Living Wage Movement,
developed by the UN in Brazil, and we have achieved
Decent Wages for all our employees.
We published our Climate Transition Plan,
containing guidelines and concrete actions for
decarbonization of the business..
We activated the Natura &Co Latin America Calamity
Committee to support the victims of climate emergencies in
Brazil, reinforcing our commitment to Climate Justice.
We expanded our relationship to 46 socio-biodiversity
communities, thereby achieving our 2030 target earlier than
expected, and strengthening the sustainable chains and
socioeconomic development.
IP&L: for every BRL 1.00 of revenue, the Natura businesses,
including those operations forming part of Avon in Latin
America, a positive social environmental impact is generated
in the sum of BRL 2.50.
15
15
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Financial highlights
R$ 24.1 billion
Net revenue
R$ 2.9 billion
Recurring Ebitda
R$ 2.4 billion
Net debt
(excluding leasing)
The Avon International business unit was accounted as a Discontinued Operation
from January 1 to August 12, 2024, and as a continued operation from December 4
to 31, 2024; between August and December, it was excluded from the Natura &Co
results. Find out more on page 2.
16
16
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
About us
GRI 2-6
We are Natura &Co, a group guided by objectives
that unite the Natura and Avon brands, engaging
clients by means of 4.8 million Beauty Consultants
and Representatives,, more than one thousand
stores and more than 19,000 employees.
We have two business units: Natura &Co Latin America,
which is responsible for the global management of
Natura and the activities of Avon in Latin America, and
Avon International, which manages the brand in Asia,
Europe, Oceana and Africa.
We believe that large corporations make a difference
in the world when they use their assets, knowledge
and relations to find better ways of living and doing
business. We aim to achieve this through the strength
of our brands , and their ability to cooperate,
co-create and share knowledge for the innovation
and development of regenerative solutions that
address the challenges faced by the planet.
17
17
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Purpose
To nurture beauty and relationships
for a better way of living and doing
business.
Ambition
We will dare to innovate to promote
positive economic, social, and
environmental impacts.
18
18
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Our brands
GRI 2-6
Founded in 1969, Natura is the leading brand in cosmetics,
Founded in 1886, Avon merged with Natura &Co in 2020,
personal care, and direct sales in Brazil. Recognized for its
bringing with it a legacy that has been fundamental to
sustainable business model, the company has worked in the
the development of the direct sales model internationally.
Amazon Rainforest for more than 20 years, helping to conserve
Avon believes that a better world for women is a better
2.2 million hectares and generating benefits for more than 10,500
world for all. It is a beauty brand for women that
families. Having been carbon neutral since 2007, and well on the
embraces the power of women, inspires their belief and
way towards being Net Zero, Natura creates products that are
offers opportunities for them to achieve their potential.
free from cruelty to animals and 95% vegan. Millions of Beauty
Millions of independent women all over the world sell the
Consultants spread the philosophy of Well-Being-Well across
brand’s iconic product lines in the makeup, hair, perfume
seven countries in Latin America. In 2024, we celebrated our 10th
and Home & Style segments, helping to create a better
anniversary as a certified B Corp. The Ekos line is certified by the
future for all.
Union for Ethical BioTrade (UEBT), and Natura’s Brazil nut line
received the Regenerative UEBT certification in 2024.
Find out more at www.avonworlwide.com
Find out more at www.natura.com.br
19
19
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Global presence
GRI 2-1, 2-6
4.8 million Beauty
Consultants and
Representatives
More than 19,000
employees in 68 countries
1,156 stores
20
20
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Capitals Accessed
Natural
• Natural resources (energy, water and
biodiversity assets)
Financial
•
Shareholder and investor funds to provide
support for execution of the strategy
• Credit and financing
• US$ 1 billion raised in sustainability-linked
securities
• BRL 1.3 billion was raised by means of a new bond,
exclusively connected to the sustainable use of
bioactives sourced from the Amazon region
Social
• Relationships oriented towards value
creation with the Beauty Consultants
• Partnerships with socio-biodiversity
agro-extractivist communities and other
service providers and raw materials suppliers
• Connections with the consumers of
our brands
Manufactured
• Product manufacturing and distribution
centers
• Physical stores, e-commerce
operations and social selling
Human
•
• 4.8 million Beauty Consultants and
19,000 employees
•
Representatives
Social-biodiversity agro-extractivist
communities
• Attributes and values in our
organizational culture
Intellectual
• Open innovation ecosystem
• Patents and new products
• Traditional knowledge and knowledge
generated in our relations with social
biodiversity agro-extractivist communities
Business Model
Our deliveries
and solutions
Beauty and well-being products
in diverse categories
Business networks for
Beauty Consultants
Multichannel commercial model
Commitment
to Life
Read all about our goals here.
Value generated
and impacts
Society and the Environment: We seek
to promote sustainability with an agenda
that prioritizes climate transition, whilst
protecting the Amazon and a circular and
regenerative economy. We act in defense of
human rights, education and causes related
to women and girls.
Investors: Financial return linked with
business results.
End consumers: Omnichannel strategies
for unique shopping experiences, in
accordance with each consumer’s
preference.
Employees: We support the well being of
our employees through salary equity, fair
remuneration and ample diversity.
Beauty Consultants: We strengthen an
ecosystem that drives enterprise, income
generation, and financial independence,
thereby improving the quality of life of
millions of people, principally women.
Supplier and relationship communities:
We support income generation by means
of fair trade with cooperatives and small
producers, promoting conservation and
local development.
Suppliers: We support sustainable
development in the our supply chain,
focused on human rights, innovation
and traceability, to create social and
environmental value.
21
21
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Natura &Co Latin America
Avon International
Natura &Co
Strategic
Directives
in 2024
• Greater operational
and commercial
autonomy for the
business units
• Regenerative business model strategy
• Consolidation of the Wave Two
initiative in those markets that have
already been integrated (Brazil, Chile,
• Simplification of the
Colombia and Peru) and preparation
Holding Company
structure
for implementation of the project in
Mexico and Argentina
• Strengthening of the
capital structure
• A focus on projects
that create value
• Launch of the Natura brand
in Ecuador
• Evolution of the omnichannel
strategy, through prioritization
of the strategic markets, combining
Sales through Relationships with
the retail sector, marketplaces
and digital channels
• Recovery of results with the
renewal of the cycle of innovation
• Continuity of the profitability
strategy, thereby minimizing
the outflow of cash in the short-
term.
• Omnichannel acceleration,
through prioritization of the
strategic markets, with a focus on
digitization, strategic presence
in retail, and a focus on the
consumer experience
• Brand Building
• Simplification, technological
transformation and
strengthening of our culture
22
22
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Strategy
Natura’s Regeneration Strategy and the Commitment
to Life, an important gauge of the public targets that
are to be achieved by 2030, representing a definite
In 2024, Natura &Co recorded advances in its
move towards the establishment of a regenerative
restructuring and simplification process, which
business.
began in mid-2022, and which continues to
be an important driver for short-term value
As such, we ensure value creation for the shareholders
creation. Our priority in 2024 was to reinforce
and for everyone else with whom we have a
the Company's capital structure and invest in
relationship, anchored in key-indicators concerning
transformation projects at our business units.
impact and relations guided by respect for nature,
ecosystems, people and human rights (read more
By looking to the future, we are continuing to
about the involvement of the management in ESG
concentrate on our strategic priorities: the
matters in the Corporate Governance chapter pg. 29).
recovery of margins, the creation and conversion
of cash, and greater autonomy of the business
units. This approach has allowed us to increase
Strategic priorities
1) Greater operational and commercial
investments to drive sustainable growth, with
autonomy for the business units
a solid and diversified omnichannel strategy,
Our business units were focused on the expansion
innovations focused on consumers, and strong
of the Ebitda margin and the recovery of cash
brands that are recognized by everyone.
generation, with plans centered on the challenges,
necessary investments and projects for the
The Natura &Co Board of Directors is responsible
transformation of each individual operation. The
for development of strategic planning, which is
Holding Company took on the role of defining
then deployed at the Natura &Co Latin America
the business guidelines and objectives, which
business unit and Avon International business unit.
took the shape of proprietary planning developed
In line with our purpose and ambition, the
by Natura &Co Latin America - which, in 2024,
business plan is implemented together with
revisited its strategy and vision based upon the
23
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
concept of Regeneration during 2024, and by
International, we continued to focus on the strategy
Avon International which remains committed to
of prioritizing strategic markets, modernization of
the strategy of seeking greater profitability in the
the Relationship Selling model, the centrality of the
regions in which it operates.
consumers, an omnichannel vision, strengthening
of the brand, and technological and operational
2) Simplification of the Holding Company
transformation.
structure:
We have continued with the restructuring of the
4) A focus on projects that create value
functions to further reduce the involvement of the
Innovation, digitization of the commercial relations,
Holding Company in the day-to-day operations
and actions focused on the omnichannel journey were
of the business units. In 2024, with this in mind,
amongst the Company's investment priorities, with
we reduced corporate expenses by 25.6%. We
the focus being on projects capable of unlocking value
also concluded the cancellation of the company’s
generation and enabling renewed growth. In Latin
registration with the United States Securities and
America, we experienced a record year in relation to
Exchange Commission (SEC), which the Board of
the allocation of capital tied to the Wave Two initiative,
Directors approved in 2024, whilst we continued to
moving forward with the combination of the Natura
trade NTCO3 shares on the Brazilian market.
and Avon businesses in the region, allowing us to
achieve the best results which were observed in Brazil,
3) Strengthening of the capital structure
Chile, Peru and Colombia, with an impact on the
The recovery of margins, the focus on cash
quality of deliveries, the satisfaction of consumers and
generation, and the efforts made to strengthen our
Beauty Consultants, and the efficiency of the product
brands in terms of market share and performance
allocation processes. The process will be implemented
remain priorities for the business units. The
in Mexico and Argentina in 2025. At Avon International,
resumption of the growth journey in Latin America
our revitalization plan has continued apace, with
was driven by the strong performance of the
the teams dedicating themselves to investing in the
Natura brand in Brazil, with positive trends being
regeneration of the brand in key markets, whilst
noted in the Hispanic countries, as well. At Avon
focusing on the regions with greatest potential.
24
24
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Avon Products Inc. - Chapter 11
In the United States (a market where we have not
pursued commercial activities since 2016), the Chapter
11 process pursued by Avon Products Inc. (“API”), a
non-operational holding company of the Avon Group,
was approved in 2024, with the aim of restructuring
the company’s operations and its creditor relations.
In December 2024, under the supervision and final
approval of the United States’ Justice Department, we
announced a global transaction agreement with API’s
Unsecured Debtors Committee and the purchase of the
brand’s operations outside the United States, by means
of a US$ 125 million supply of credit. Under the terms
of the agreement, we paid US$ 34 million to the estate
of the API debtors in cash, as well as the total sum
of the loans in the ‘DIP’ (debtor-in-possession) category
- US$ 43 million. Natura has also agreed to waive all the
secured and unsecured credits it had held against the
API debtors, except for the US$ 125 million used
as consideration for our purchase of the ex-United
States operations.
25
25
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Financial performance
Financial performance
In 2024, Natura &Co recorded a total net revenue of R$ 24.1
billion, with Recurring Ebitda of R$ 2.9 billion and a Recurring
Ebitda margin of 12.2%. A significant portion of these results
arose from the exceptional performance of the Natura brand
in Latin America, associated with the benefits resulting from
the integration of the operations under the Wave Two plan. In
Brazil, for example Natura’s revenue increased by 21.1%.
Over the course of the year, the efforts made to simplify the
structure of the Holding Company led to a 25.6% reduction
in corporate expenses, in line with the strategy set forth by
our leaders. It should be mentioned that Avon International
was not continuously included in the Natura &Co financial
statements due to the Chapter 11 voluntary restructuring
process of Avon Products Inc. (API) in the United States.
The Avon International business unit was accounted as a
Discontinued Operation between January 1 and August 12,
2024. Afterwards, once the restructuring had been completed,
Avon International was reconsolidated as of December 4,
2024, and as a continued operation from December 4 to 31,
2024; between August and December, it was excluded from
the Natura &Co results.
Under the impact of this process, along with other factors, the
Group recorded a net loss of R$ 8.9 billion in 2024. Excluding
26
26
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
the non-cash and non-recurring effects totaling
Following the incorporation, the leadership of the
R$ 7.0 billion from API’s exclusion and other minor
Group will be concentrated in the Board of Directors
adjustments, the underlying net income was BRL
of Natura Cosméticos S.A., which will include the
524 million, compared to the pro-forma (ex API and
founders (Luiz Seabra, Guilherme Leal e Pedro
subsidiaries) R$ 1.135 billion in the same period during
Passos), Fábio Barbosa, Bruno Rocha, Duda Kertesz,
the previous year.
Gilberto Mifano, Alessandro Carlucci e João Paulo
Ferreira. Carla Schmitzberger will leave the Board
2025 Material Fact: new structure
following the incorporation.
On March 20, 2025, we announced that Natura &Co
Holding S.A. would be incorporated by its wholly
The Company is continuing to explore alternative
owned subsidiary, Natura Cosméticos S.A. The
strategies for Avon International, including a
principal objective of this incorporation is to align
potential sale. Implementation of the Avon
the governance with the focus on the Latin American
restructuring plan, led by its CEO Kristof Neirynck,
businesses, providing continuity to the simplification
is continuing.
strategy that began in 2022.
We also announced alterations to the executive
shareholders and capital market regulatory
leadership and the Board of Directors: Fábio Barbosa,
authorities, and are not reflected in the governance
the current CEO of the Holding Company, is to leave
or corporate structure data in this report, which
his executive position and will be named Chairman
contains the 2024 organizational scenario.
These changes are still to be approved by the
of the Board of Directors of Natura Cosméticos S.A..
João Paulo Ferreira is to remain as CEO of Natura
Cosméticos S.A. and will become a member of the
Board of Directors. Silvia Vilas Boas will remain as CFO
of Natura Cosméticos S.A. but will also assume the role
of Chief Investor Relations Officer as of April 25, 2025.
FOR MORE INFORMATION
please refer to the Investor
Relations website
27
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Board of
Directors
From left to right:
Fábio Barbosa, Duda Kertész,
Guilherme Leal, Luiz Seabra,
Gilberto Mifano, Pedro Passos,
Carla Schmitzberger
and Bruno Rocha.
28
28
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Corporate
governance
GRI 2-9, 2-11
Natura &Co’s corporate governance plays a
fundamental role as a strategic foundation for the
ethical, transparent and responsible guidance of
the business, ensuring the alignment between
the interests of the different stakeholders and
the longevity of the organization. In 2024, the
management bodies remained focused on
establishing strategic directives for its business units
and the growth and transformation of the Company.
Despite the Annual and Extraordinary General
Meeting (AGO/E), the Company's main deliberative
and decision-making forum, having elected nine
members to the Board of Directors, there are
currently only eight members due to the resignation
of two elected members. The Board of Directors
has decided upon a replacement member for one
of the positions, reappointing the CEO of Natura
&Co, Fábio Colletti Barbosa, as one of the board
members. The Board of Directors is composed of
three co-chairpersons, elected from amongst the
29
29
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
board members, one of whom is also elected to the
The Board Members are elected for single, two year
position of Chairperson for Board meetings. These
mandates. Under this process, the General Meeting
positions are currently occupied by the founders of
is provided with a single list of candidates and the
Natura Cosmetics, who are members of the Company's
members are elected by means of a majority vote, or
controlling group and signatories to the shareholders'
a cumulative vote, if requested.
agreement. The other members of the Board are
independent, exceeding the percentage required by
The Company's governance structure continues
the regulations established by the B3’s ‘Novo Mercado’,
to be formed by a Board of Directors and a
except for Fábio Coletti Barbosa, due to his position as
Statutory Board which, together, are responsible
an executive at the Company.
for management. In 2024, the Products and
Brands Committee was added to the Advisory
Our Bylaws expressly establish that the positions of Co-
Committees, for a total of six organs offering their
chairperson of the Board of Directors and CEO cannot
specialist support to the Board of Directors. At the
be assumed by the same person, thereby ensuring a
AGO/E, the shareholders once again requested
clear separation between strategic supervision and
the establishment of the Fiscal Council, a power
executive functions. This structure reflects Natura’s
guaranteed by Brazilian legislation. The organ
commitment to independent and transparent
is currently composed of three members (two
governance, in order to ensure impartiality in strategic
nominated by the controlling shareholders and one
decisions.
by the minority shareholders) and their respective
substitutes. The Company can also rely upon the
The Natura &Co Board includes two non-executive/
support of the executives and CEOs of its two
independent members who hold four or fewer external
business units as well as the CEO of Natura &Co.
mandates in publicly held companies: Gilberto Mifano
and Carla Schmitzberger. There is no restriction
Amongst the most important legal and statutory
on the total number of board memberships that
responsibilities of the Board of Directors, and other
members can hold, since the Company does not
issues which it also handles, of special note in
limit the participation of the board members in other
2024 were the alterations made to its composition
companies.
30
30
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
following the O/EGM, the revision and approval of
The Company and its business units take into account
the strategic planning of Natura and Avon in Latin
environmental, social and economic criteria, as well
America, the financial support for Avon Products
as the impacts they generate, when taking decisions.
Inc. in its voluntary financial restructuring process
These criteria are also included when evaluating Arrow
in the United States, and the substitution of the firm
Right risks, impacts and opportunities connected to
responsible for the Company's independent audit.
sustainable development that affect all the stakeholders
In addition to this, the Board of Directors approved
- employees, partners, customers, suppliers,
the voluntary cancellation, through the SEC, of the
shareholders, investors, creditors and the communities
registration on the New York Stock Exchange (NYSE)
with which we have relations. GRI 2-12, 2-13
due to the fact that the majority of the transactions
of the Company's shares are conducted on the
We follow the market’s best governance practices,
B3 in Brazil.
as recommended by the Brazilian Code of Corporate
Governance (CBGC). In 2024, we were 96% in
These activities reflect the Board’s main
compliance with the principles of the CBGC, which
responsibilities, as outlined in article 20 of the
is published by the Brazilian Institute of Corporate
Company’s Bylaws. The Board is also responsible
Governance (IBGC).
for analyzing the effectiveness and execution of
the business plan, supervising the executive team,
The Commitment to Life and the long-term vision of
taking strategic decisions, such as those involving
the business units are the object of regular analysis
investments and divestments, guaranteeing
and monitoring by the Board of Directors, with
integrity and ethics in the company’s operations,
support provided by the Sustainability Committee
and defining the objectives and guidelines for
and assurance through the internal processes, as
sustainable development. The Company also has a
is the creation of this Integrated Report, which
Risk Management Policy and the Natura &Co Global
is subject to the co-Presidents’ evaluation of its
Code of Conduct, which are both periodically revised
accuracy and alignment with the Company’s
and approved by the Board of Directors.
purpose, culture and strategic projects.
GRI 2-13
GRI 2-12, 2-14, 2-17
31
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
In relation to this area, the Board of Directors is
regarding issues associated with sustainability
also responsible for supervising the inclusion of the
and the achievement of the objectives established
organization’s policy commitments. To achieve this, it
in the Commitment to Life, which the Company
delegates responsibilities by defining and continually
undertook in 2020. Over the course of the year, the
monitoring clear targets and commitments,
Committee held four meetings with the results and
encouraging collaboration and team work,
recommendations being reported to the Board of
recognizing performance, and conducting periodic
Directors, thereby ensuring effective supervision
reviews of the process. GRI 2-24
and the ongoing improvement of the processes
related to sustainable development. GRI 2-12
We have adopted a set of measures designed to
improve the Board of Directors’ understanding of
The Board of Directors also has the support of
issues related to sustainable development, including:
executive departments, especially the Sustainability
constant access to updated information, exchange
Board, to which it delegates functions in its efforts
of experiences between the members, constant
to control impacts related to social environmental
engagement of the leaders to promote sustainable
matters. The responsibilities delegated include the
practices; and continual education and training, thus
development and implementation of sustainability
providing frequent updates on global trends and best
strategies, the evaluation and monitoring of
practices. GRI 2-17
sustainability performance, the guaranteeing
of compliance with regulations and norms, the
In line with this approach, since October 2024,
integration of sustainability in the operations and
the Sustainability Committee has included the
processes, and engagement of the stakeholders.
participation of an external consultant who is
GRI 2-13
specialized in the analysis of social environmental
management processes; expert understandings form
a part of its decisions. The Committee is principally
responsible for monitoring the results and suggesting
adjustments, whenever necessary, to the strategies
pursued by the Company and its business units,
ACCESS
our 2024 Governance
Report here.
32
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Highest governance bodies
GRI 2-9, 2-10
The composition of the boards, committees and Executive Board on
SUPERVISORY BOARD
Independent
members
December 31, 2024, as described here, is available on the Company's
Mandate of one year
Investor Relations website.
Supervisory
Board
Shareholders’
Meeting
Board of
Directors
BOARD OF DIRECTORS
Executive Board
Board
Members
Sustainability
Committee
People and
Organizational
Development
Committee
Strategic
Committee
Corporate
Governance
Committee
Audit
Committee,
Risk
Management
and Finance
Internal Audit
CEO
of the Group
CEO
Natura &Co
Latin
America
CEO of Avon
International
Group of
Executives
Group of
Executives
Independent members
Eight self-declared white
4
50%
independent
25%
women
87.5%
aged over 50
Two year mandate
with the possibility of reelection
(50% of the members have
participated for more than three
years)
STATUTORY BOARD
Members
Three year mandate
with the possibility of
reelection
Advisory Committees
(Consultative)
• Audit, Risk and Financial Management (eight
ordinary meetings and four extraordinary
meetings; three members, all independent; two
sub-committees holding 12 meetings)
•
Strategic (four ordinary meetings and one extraordinary
meeting; three members, two of whom are
independent)
• Corporate Governance (five ordinary meetings and no
• Products and Brands (two ordinary
meetings and no extraordinary
meetings; four members, one of whom
is independent)
• Personnel and Organizational Development (six
ordinary meetings and no extraordinary meetings;
three members, two of whom are independent)
•
extraordinary meetings; three members, none of whom
are independent)
Sustainability (four ordinary meetings and no
extraordinary meetings; five members, one of whom is
independent)
33
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Nomination and selection
to the Board of Directors
GRI 2-10
The relaxing of the criteria, although not usual, was
conducted transparently and within the scope of the
internal regulations, ensuring the effective continuity
The process for nomination and selection of members
of governance, whilst preserving the integrity and
of the Board of Directors and its committees is guided
stability of the strategic operations.
by the Bylaws and by the Administrator Nomination
Policy. The process is supervised by the Corporate
Governance Committee, which is responsible for
ensuring that the nominations are in line with the
organizational guidelines.
Remuneration of the
Board of Directors
GRI 2-19, 2-20
The annual remuneration of the Board of Directors
consists of one fixed quota, including additional,
The selection criteria include the involvement of
pre-established sums depending upon participation
stakeholders and analysis of the candidates’ relevant
or leadership of advisory committees, and one
skills and experience, ensuring that the members
variable quota, based upon actions, aligning the
indicated are suitable to supervise the company’s
Board of Directors’ business strategy with the
economic, social and environmental impacts.
Company's long-term success and the value creation
for the interested parties.
In exceptional cases, such as when a new member
was elected in July 2024, the process can be relaxed.
The stakeholders and members of the Board of
This indication occurred after two of the members
Directors are consulted on remuneration-related
had resigned, following the General Assembly
policies, to ensure that they meet the expectations
held on April 26, 2024. Given the need for an
and needs of all those involved. Furthermore, the
immediate replacement, the Board prioritized the
General Shareholders’ Meeting supervises the process
recommendation to nominate the CEO of Natura &Co,
for definition of the administrators’ remunerations.
who had previous experience on the Board and could
immediately assume the role.
The remuneration also takes into account our
commitment to equality, and we make full use of
34
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
studies developed in partnership with a consulting
firm specializing in human resources.
Natura performs periodic evaluations of the Board of
Directors and its advisory committees, in accordance
with the terms of the Regulations of the Novo Mercado
(New Market). The process includes an annual self-
evaluation of these bodies, the Corporate Governance
Officer, and the Corporate Governance system.
The methodology involves individual interviews with
the Board Members, consolidation of the conclusion
and suggestions obtained, analysis of this information
by the Corporate Governance Committee, and,
finally, a presentation to the Board of Directors. Based
upon these analyses, the Board can continue with the
positive points or implement improvements in line
with the suggestions made. The evaluation does not
include individual analyses of the Board Members or
the committees.
FIND OUT MORE
about our performance evaluation
practices, the selection criteria, the
qualifications required and the profiles
of our executives and board members
on our Investor Relations website.
35
35
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Ethics and compliance
GRI 3-3
The Ethics and Compliance team is made up
of 19 individuals working specifically in this area. The
team is headed by the Deputy Compliance Officer, who,
in turn, reports to the Chief Legal & Compliance Officer
to monitor the effectiveness of the Compliance Program
and compliance with the Anti-corruption Policy.
Our commitments to the Stakeholders and the
unrestricted compliance with the legislation in effect
in the regions where we operate are reflected in the
Company's Global Code of Conduct. This publication,
which was revised in 2024, guides the standards of
behavior that are expected of our employees and
members of the Board of Directors and is structured in
the form of four commitments:
• To our people: our approach to the themes of
diversity, equity and inclusion; health and safety
at work; and anti-discrimination, harassment and
violence.
• To the communities: this guides our work with the
Beauty Consultants, representatives, distributors and
franchisees, as well as our customers and suppliers.
It also addresses philanthropic contributions and the
prohibition of any donation of a political-party or
electoral nature. GRI 415-1
36
36
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
• To the planet: this concerns how the Company
manages the environment in its operations and
those policies that are critical to the value chain.
• To operating responsibly: reinforce our ethical
Evaluation of risks of compliance
and due diligence relating to
suppliers GRI 205-1
Natura &Co undertakes an annual evaluation of
standards in the preservation of Natura &Co’s assets;
the risks involved in all of its operations, analyzing
standardize the themes of conflicts of interest,
matters concerning corruption, money laundering,
tackling corruption and money laundering, anti-trust
competition, data privacy, and commercial penalties.
and fair competition, the regularity of the accounting
In 2024, we evaluated four Latin American countries -
books and records, commercial penalties, data
Brazil, Chile, Colombia and Peru - and three markets in
privacy and protection, security of information, and
which Avon International operates - Romania, South
external communications.
Africa and Kazakhstan.
5
2
0
2
14
The only Brazilian
company to be
recognized by a
program concerning
exceptional
compliance and
a commitment to
perform ethical
business.
A specific set of policies and internal protocols
All the suppliers undergo a process of reputational and
complement the Code of Conduct and these are revised
anti-corruption due diligence, both as part of the initial
on an annual basis. The implementation of the Code
selection and once every two years, for those with
of Conduct is supported by periodic evaluations of risk,
current contracts. Following approval, these suppliers
continuous monitoring, training sessions and internal
must adhere to the Suppliers’ Code of Conduct, the
communications, as well as a stringent due diligence
Privacy Statement, and the Responsible Procurement
process.
Guidelines. Depending upon the type of relationship
with the supplier, they should also adhere to the Critical
We regularly report critical concerns to the highest
Materials Policies.
governing body by means of reports, meetings, audits
and updates by the senior management. In 2024,
Those suppliers considered to be “critical” also receive
five environmental, social, economic and strategic
continual support and training. In 2024, as part of this
topics were discussed by the Executive Committee
process, 798 Natura &Co Latin America suppliers and
once a fortnight.
570 Avon International suppliers were evaluated.
This is the fifth
time that Natura
has received this
seal, awarded
by a partnership
between the Federal
Comptroller General
and the Ethos Institute
in recognition of
programs of excellence
in integrity and
the fight against
corruption in Brazil.
37
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Training and engagement
GRI 2-24, 205-2
Each year, the Ethics and Compliance, Culture, and
Complaint hotlines and
investigation processes
GRI 2-16, 2-25, 2-26, 205-1, 406-1
Internal Communication teams draw up a Training
We promote an organizational culture that
and Communication Plan. These actions involve all the
encourages the safe and accessible communication
hierarchical levels within the Company, including the
of issues related to ethics and compliance. Our
Board of Directors, and begin as soon as new employees
Ethics and Compliance Program provides complaint
join the Company, with recycling programs and training
hotlines for our employees and other stakeholders to
sessions that take into consideration the specific
raise any concerns they may have, settle doubts, or
characteristics of the jobs performed.
report suspected violations of Natura &Co’s Code of
Conduct or the law.
In 2024, 4,326 employees of Avon International and 12,873
of Natura &Co Latin America successfully completed
The Natura &Co Ethics Hotline is the reporting
the Code of Conduct certification process. Compliance
channel the company offers and is available to all
Weeks were conducted as a means of promoting ethical
our stakeholders. Operated by an independent
behavior, in Brazil, the United Kingdom, Turkey, Italy,
third party, it ensures anonymity and is accessible
South Africa, Malaysia and Morocco. Brazil also has a
by means of an online form or a free telephone call
Compliance Ambassadors Program, designed to help
conducted in the official languages of the countries
spread the culture of ethics.
in which we have operations. The Ethics and
Compliance team reviews all the accusations and
Other training sessions include those focused on the
questions received by the Ethics Hotline, which is also
Anti-corruption Policy, Respect in the Workplace,
monitored by the Board of Directors. Retaliations
Data Privacy, ethical dilemmas related to our Code of
against the accusers are not tolerated. All proven
Conduct, the policies it references, and commercial
violations of the Code of Conduct result in the
penalties. The Emana Pay teams also receive training
creation of an internal remediation committee, which
on the prevention of money laundering, interactions
is responsible for defining the disciplinary measures
with government officials and regulations relating to Pix
and preventive actions.
instant cash transactions.
In 2024,
100% of Avon
International’s
target users and
88% of Natura &Co
Latin America’s
employees
successfully
completed the
Code of Conduct
certification
process.
38
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
99% of the
employees at
coordinator
level or above
received
training on our
Anti-corruption
Policy.
In 2024, Natura received 538 accusations and 141
conflict of interest disclosure forms. Twenty-eight
Conflict of interests
GRI 2-15, 2-23
of the reports were resolved with remediation
The Conflict of Interests Policy aims to prevent and
measures. Seven cases considered to be critical
mitigate any potential conflicts, be they real or
were also reported in Brazil. Four of them were
apparent, between the interests of the conflict of
closed following the decision that they lacked
interest and its employees. This issue is also
grounds and three remain under investigation,
addressed in the Global Code of Conduct.
with outside specialists having been contracted to
investigate and make recommendations regarding
We conduct internal training, including annual sessions
the risks and fragility of the processes. At Avon
on the Code of Conduct, as a means of raising our
International, 117 accusations were received as
employees’ awareness of the importance of preventing
well as 30 conflict of interest disclosure forms.
and declaring any potential conflicts of interest.
Five critical concerns were reported, covering
We analyze the self-declarations and implement
environmental, social, human rights, economic and
remediation plans within 45 days of their receipt.
strategic sustainability matters
Should any conflicts be identified, mitigation measures
are adopted, with the cases being duly registered
The effectiveness of our complaint hotlines is
on a specific platform.
evaluated by means of an annual survey which
also gauges the perception of our employees
For those cases that involve related-party
concerning ethical leadership. Under the terms
transactions, there is a separate and specific policy,
of the Natura &Co Whistleblower Policy, the
which is available on the Company's website.
cases considered to be critical are regularly
It lays the foundations for an evaluation of the
communicated to the highest governing body.
transaction by a Working Group made up of the
Legal, Compliance, Risks and Internal Controls,
and Controller departments. This norm includes
the demands set forth by the Brazilian Securities
Commission and the B3’s Novo Mercado segment,
in Brazil, where the Company's shares are listed.
39
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Corporate risk
management
We take an integrated approach to our corporate risks,
focusing our efforts on minimizing the Company's
exposure to economic-financial, operational, social,
environmental, and human rights factors, as well as
those resulting from climate change that are capable
of shifting our perspective on value creation and
performance regarding sustainability. Also in relation to
this, we have begun to look at the risks and impacts as
being connected to the business opportunities, in line
with good market practices and a systemic vision of our
operations, underpinned by our objectives, values and
commitments.
The management of corporate risks is aligned with
the multiple factors that could affect the business,
considering its capillarity, global presence and product
diversity, as well as the brands, services, relationships, and
social and environmental impacts. This area is overseen
at the operational executive level by the leaders of
Internal Controls, Risk Management and Internal Audit
senior management departments, who report directly
to the Audit, Risk Management and Finance Committee.
40
40
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The aim is to ensure that the analyses and decisions
Audit, independently verifying the organization’s risk
concerning risk are conducted correctly, that no factors
management, control, and governance model.
go unnoticed in the business routines, and that the senior
management is duly informed and provided with the
The Risk Management Policy, which was revised and
proper foundations to be able to make decisions on the
approved by the Board of Directors in 2024, includes
matter. Specifically, the Board of Directors, the body that
guidelines, remits, classification responsibilities and
is the direct guardian of the Company's values, objectives
regulations, and analysis and mitigation of corporate
and management philosophy, is able to rely upon the
risks, and is applied to all of the markets where we have
Audit, Risk Management and Finance Committee in its
operations and relations. Each business unit has a Risk
decisions concerning risks and opportunities.
Management Procedure and, since 2023, we have also
The management approach
We have adopted a methodology that follows globally
To provide Natura &Co’s stakeholders with a clear and
recognized guidelines - specifically those established
objective understanding of the material risks, we have
by the Committee of Sponsoring Organizations of the
defined a scale of exposure which is adopted to provide
Treadway Commission (COSO), the Brazilian Institute
internal reports to the different management levels:
had a global Causes of Risk manual.
We have adopted
a risk management
methodology that
follows globally
recognized
guidelines -
specifically those
established by the
COSO, the IBGC,
and ISO Norm
31000.
Level of Exposure to Risk
Sharing and Monitoring Forum
of Corporate Governance (IBGC), and ISO Norm 31000.
We also follow the Three Line Model provided by The
Institute of Internal Auditors (IIA). The First Line of the
Model establishes the Enterprise Risk Management (ERM)
4. Severe
structure for operation of the business areas, including
subsidiary and affiliate companies, that are involved in
the risk decisions and the day-to-day management of the
topic, including the implementation of business strategies.
3. High
The Second Line (orientation) is composed of key-areas,
such as Management of Risks and Internal Controls,
2. Moderate
Board of Directors, senior
management, and the Audit,
Risk Management and Finance
Committee
Audit, Risk Management and
Finance Committee, senior
management, and the Vice-
Presidencies responsible for the
Business Units
Executive Boards of the
business units
Compliance, Regulatory Aspects and Information
Security. The Third Line, meanwhile, involves the Internal
1. Low
Business units’ Executive Boards
41
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Climate risk: approach,
governance and metrics
GRI 3-3, 201-2
1. Consumer behavior and preference: the
consumers’ preference for more sustainable
products with lower carbon emissions may
often be limited by issues related to price,
The perspective we have adopted in relation to risks and
aesthetics and functionality. To engage them
opportunities is aimed at evaluating how the Company
more broadly in decarbonization actions,
should be adapting itself to the new realities imposed
we need to work on continually improving
by climate change. This means understanding how the
our brand, marketing, and Research and
transition to a low-carbon economy, and the greater
Development strategies, thereby allowing us to
frequency of extreme events and climate changes,
communicate clearly, highlighting the value of
affects all aspects of the business, the chain of
more sustainable attributes and habits.
value and the stakeholders, especially our suppliers,
agro-extractivist communities, and Beauty Consultants
2. Regulations: the regulations on climate issues,
and Representatives. We have consolidated the actions
restrictions on the use of plastic, and reverse
that are to be developed that will allow us to adapt and
logistics in the countries and regions where we
become more resilient in our operations, whilst creating
operate are constantly evolving. The evolutions
protocols regarding disasters to be able to support our
related to the regulation and pricing of carbon
partner network.
can affect our production and distribution costs.
At the same time, the evolution achieved, or
The identification and evaluation of the risks and
planned, for our packaging could significantly
opportunities are performed in line with the
reduce our exposure to such risks.
recommendations set forth by the Task Force on
Climate-related Financial Disclosures (TCFD). In 2024,
3. Supply chain, inputs and biodiversity: extreme
we took great steps forward in the identification,
climate events can have an effect on our
evaluation and prioritization of 27 risks and
chains. The transition to low carbon can also
opportunities that are of most relevance in terms of
cause volatility in the supply of agriculture or
their potential financial and strategic impact. They
biodiversity-based inputs.
were grouped into seven areas.
42
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
4. Government and collaboration: the climate
7. Reputation and stakeholders’ expectations:
transition also depends upon national and
with climate change assuming an ever more
local governments to implement regulations
central role in both the political agenda
and infrastructure, such as carbon pricing and
and public consciousness, we hope that
restrictions on plastic materials, as well as create
companies will assume greater responsibility
bases upon which the energy transition can be
in their duty to society, requiring adaptation
accelerated.
actions and the provision of strategies for the
transition to low carbon.
READ ABOUT
this in more detail in the
Risk Management Booklet
and in the Reference Form.
5. Physical threats: climate change is influencing
the type, location, frequency and severity of
extreme events. These events could damage
our infrastructure and cause the operations to
be halted, leading to the need for adaptation
actions. They can also be damaging for the
suppliers, partners, customers and the regional
infrastructure.
6. Operational processes: decarbonizing the
operations requires Capex investments, and also
carries additional costs related to technology
and renewable fuels, which are subject to
increasingly greater competition. The physical
impact of climate change also creates risks for
the offices, factories and logistics centers. This
requires investments that will allow us to adapt in
order to ensure our operational continuity, and
safe and comfortable working conditions for the
employees.
SOME OF THE MOST
PRESSING RISKS:
• Cyber threats
• Tax burdens
• Climate change
(physical and
transition risks)
• Geopolitical and
macro-economic
conditions
• Lawsuits
43
43
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Guidelines for analysis
of the climate scenario
GRI 3-3
In line with the recommendations of the TCFD, we consider
different future climate scenarios when evaluating their
potential impacts on our operations and, consequently,
the related risks and opportunities. There exist three
possibilities: ambitious, middling, and extreme heating.
As well as the intensity of the scenarios, we also
consider three time frames:
• Short-term: from one to three years, aligned
with the business planning cycles.
• Medium-term: four to ten years, in line with
our Commitment to Life.
• Long-term: 11 to 30 years, in alignment with our
commitment to decarbonize our businesses by 2050.
The qualitative analysis of the 27 risks and opportunities
identified, which was performed in 2024 and has
allowed us to group them into the seven categories, was
performed using the three scenarios of intensity and the
three different time frames. The data used are drawn
from the Intergovernmental Panel on Climate Change
(IPCC), the International Energy Agency (IEA), and the
Network for Greening the Financial System (NGFS).
Over the course of 2024, based upon the advances
made in relation to the TCFD (Task Force on Climate-
related Financial Disclosures), we improved the
calculation of the financial impacts of climate change
on our business, identifying the most important risks
and opportunities.
The potential financial impact of the physical risks of
climate change was analyzed from two angles: the
impact on productivity (revenue) resulting from the
interruption in operational continuity, and damages to
the assets and stock due to extreme weather events.
In addition to these, three impacts arising from the
transition to a low-carbon economy were evaluated:
new regulations for plastic packaging; changes in the
prices of critical materials; and carbon pricing and
changes in the prices of energy.
In 2025, Natura continued to improve its understanding
of the potential financial effects related to the climate
and to assess the opportunities that exist to integrate
these results and metrics into its financial planning,
reports and risk management processes. GRI 201-2
READ MORE
about this in the
Risk Management Booklet
In 2024, we
launched the
Natura &Co
Latin America
Climate
Transition
Plan, bringing
all our actions
together
into a single
platform
embracing
climate
governance
and resilience.
44
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Commitment to Life
GRI 2-23, 2-24, 2-25, 3-3
Sustainability and regeneration are fundamental
concepts for the success of the execution of our
strategy. Since 2020, we have been publicly reporting
our progress and initiatives related to these themes by
means of our Commitment to Life structured within
three pillars: biodiversity and the climate; human
rights; and circularity and regeneration.
After having more closely analyzed Latin America’s
specific targets considering the region’s most urgent
needs, and reviewing Natura’s 2050 Vision (read more
on this in the chapter entitled Our Strategy for Latin
America p. 62), within a context of broad restructuring
for the region, we experienced a year of important
progress regarding the climate pillars, socioeconomic
impact and engagement of the value chain.
In the table on the following page, we provide a
consolidated report on our progress concerning the
targets, covering both those that are both general to
the Group and those that are specific to Natura &Co
Latin America.
45
45
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Indicators with specific targets and deadlines for Latin America.
Commitment to Life - 2030
Sub-pillar
Indicators
Target
SDGs*
Achieve zero net emissions (Net Zero) in line
with the trajectory of 1.5° by 2030 and hitting
the science-based targets for scopes 1, 2
and 3.
2050 Latin
America
Natura &Co
2050
7, 9, 12, 13
Natura &Co Latin America -
2024
We hit the Scope 1 and 2 emissions target
established for 2030, as endorsed by the
SBTi (-43%), earlier than expected. We have
reduced the Scope 3 emissions through the
implementation of biomethane-powered trucks
(a reduction of more than 90% vs diesel trucks),
and achieved a 5 p.p. increase in the use of
recycled plastic (18.2%).
Natura &Co - 2024
Avon International has eliminated the
use of cellophane in the packaging
of fragrances, substituting it with
two simplified tickets, meaning an
estimated reduction of 13% in the
associated emissions.
Climate Transi-
tion
Reduce emissions from our own installations
(Scopes 1 and 2) by 90%.
2030 Latin
America
7, 9, 12, 13
-43%
Reduce the greenhouse gas emissions in
the value chain (Scope 3) by 42%, engaging
suppliers and consumers.
Continue offsetting 100% of Natura’s remaining emissions,
acquiring at least 50% of the carbon credits in projects
in the Amazon region, prioritizing agro-extractive
communities.
Contribute to the protection and/or
regeneration of three million hectares of Amazon
Rainforest (up from two million in 2020).
Extend our partnership to 45 agro-extractive communities
(up from 34 in 2020).
2030 Latin
America
2030 Latin
America
2030 Latin
America
2030 Latin
America
7, 12, 13
-28%
12, 13, 15
46%
2, 6, 15
2.2 million hectares1
15, 17
45 communities
Contribute to the bioeconomy in the form of innovation,
reaching the figure of 55 bio-ingredients sourced from the
Amazon region’s socio-biodiversity (up from 39 in 2020).
2030 Latin
America
9, 15
46 ingredients
Protecting the
Amazon
Purchase four times as many raw materials from the
Amazon region’s socio-biodiversity (in relation to 2020).
Double the resources shared with
our communities (in relation to 2020)
2030 Latin
America
2030 Latin
America
9
R$ 37.2 million
2, 15
R$ 48.51 million
Engage 20 million people per year in actions
connected to the Amazônia Viva cause.
2030 Latin
America
12, 13
Around 54 million interactions. The result refers to
the total engagement which adds together the
number of people reached and the interactions
with the communications and/or the actions
disseminated and which refer to the topic of the
Amazon region.
Indicators with specific targets and deadlines for Latin America.
1 Leasings relating to 2.16 million hectares. of conserved and/or regenerated land.
* United Nations Sustainable Development Goals (SDGs).
-
-
-
-
-
-
-
-
-
46
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Commitment to Life - 2030
Sub-pillar
Indicators
Target
SDGs
Work to ensure that countries cooperate with each other
to establish standardized regulations for benefit-
sharing, directed principally to the traditional
peoples and communities.
2030 Latin
America
2, 15, 16, 17
Report our impacts and reliances in relation to
biodiversity by 2025, based on internationally
recognized standards.
2025 Latin
America
Natura &Co
2025
12, 15, 17
Ensure that 100% of our critical supply chains are
independently verified to be deforestation-free and native
vegetation conversion-free by 2025: for the direct sourcing
of palm, soy, paper and ethanol.
2025 Latin
America
12, 15
Protecting
Biodiversity
Natura &Co Latin America -
2024
At the COP16 conference, held in Cali,
Colombia, we worked on advocacy actions
together with the Amazon Cooperation
Treaty Organization (ACTO) and the
Brazilian Government, participating and
leading discussions with representatives
from Brazil, Colombia and Peru focused on
standardized legislation and digital sequence
information(DSI).
Using the methodology developed by
the Taskforce on Nature-related Financial
Disclosures methodology, we conducted a
comprehensive survey within Natura and
established 14 clear recommendations to be
able to strengthen our sustainability practices.
(more details on page 90)
Natura &Co - 2024
-
At Avon International, we performed
an initial evaluation to understand
our impacts and reliances on
biodiversity this work will continue
in 2025.
The methodology used to ensure that our raw-
materials are Deforestation and Conversion Free
(DCF) was established by means of a study of the
relationship between the different certification
regulations and fulfillment of the specific
requirements. A detailed table is to be included
in the critical raw materials policies, which will be
made available in the first half of 2025.
-
Ensure that 100% of our critical supply chains are free from
deforestation and conversion of native vegetation, with
independent inspection; by 2030: expand this to the direct
sourcing of palm, soy, paper and ethanol.
Our People
Guarantee that 50% of senior management positions are
occupied by women as of 2023.
Equitable pay: no unexplained gender pay gap
from 2023.
2030 Latin
America
Natura &Co
2030
2023 Latin
America
Natura &Co
2023
2023 Latin
America
Natura &Co
2023
12, 15
The methodology used to ensure that our raw-
materials are Deforestation and Conversion Free
(DCF) was established by means of a study of the
relationship between the different certification
regulations and fulfillment of the specific
requirements. A detailed table is to be included
in the critical raw materials policies, which will be
made available in the first half of 2025.
For Avon International, a plan to fight
deforestation in certain selected
chains is to be developed by the end
of 2025.
5, 10
51.5%
49.1%. Number affected momentarily
due to restructuring.
5, 8, 10
-0.6%. We kept the gap at zero.
- 0.7% We kept the gap at zero.
Indicators with specific targets and deadlines for Latin America.
47
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Commitment to Life - 2030
Sub-pillar
Indicators
Target
SDGs
Natura &Co Latin America -
2024
Natura &Co - 2024
Equitable pay: no unexplained gender pay gap
since 2023.
2023 Latin
America
10
-0.11%. We have eliminated any gaps which do
not have justifiable reasons and which could
indicate salary inequalities due to race or ethnic
origin.
-
Our
People
Ensure that at least 30% of management positions
are occupied by people from under-represented groups
(Blacks and indigenous people, LGBTQIAP+, disabled
persons and others, depending upon the local context).
In Brazil: guarantee that 25% of management
positions are occupied by Black people as of 2025; and
30% as of 2030.
A decent living wage, or higher, for all
employees, as of 2023.
Increase the Consultants’ Human
Development Index by 10%.
Improve the social progress of the
agro-extractivist communities, generating a
measurable impact on decent income, health
and wellbeing, education and citizenship -
factors that are fundamental for gender and
racial equity.
2030 Latin
America
Natura &Co
2030
2025 Latin
America
2030 Latin
America
2023 Latin
America
Natura &Co
2030
2030 Latin
America
2030 Latin
America
5, 10
5, 10
Our Broader
Network:
Consultants and
Communities
Encourage and facilitate citizens’ participation
in our network, primarily in those causes
focused on the Amazon region, education,
female healthcare and violence against
women and girls.
2030 Latin
America
4, 12, 16
Promote human rights in the
agro- communities, including indigenous
and traditional peoples.
2030 Latin
America
8, 16
Indicators with specific targets and deadlines for Latin America.
10
15.2%.
13.3%.
10
15.8%.
8, 10
100%
-
100%
Brazil: 0.653 (+3.3%).
Hispanic America: 0.619 (+8.9%).
We have improved the Community Social Progress
Index (IPS) as a means of monitoring our impact on
the communities, adjusting the methodology to
include all the regions in which Natura operates by
December 2025. (more details on page 97).
We engage the Beauty Consultants in social
environmental responsibility by means of actions
such as raising awareness of breast cancer, support
for those suffering domestic violence by means
of Ângela (the Natura Institute virtual assistant),
promotion of conscientious voting, Regional
Meetings and communications on the environment
and human rights. (more details on page 115).
Commitments and guidelines published in the
Biodiversity Policy (access the policy here). All of
Natura’s socio-biodiversity chains meet requirements
established by the UEBT (Union for Ethical Biotrade).
-
-
-
-
48
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Commitment to Life - 2030
Sub-pillar
Indicators
Intolerance to-
wards the abuse
of Human Rights
Full certification for the critical supply chains
– Palm oil.
Full certification for the critical supply chains
– Mica.
Full certification for the critical supply chains
– Paper.
Full certification for the critical supply chains
– Ethanol.
Full certification for the critical supply chains
– Soy.
Full certification for the critical supply chains
– Cotton.
Intolerance
towards the
abuse of Human
Rights
Target
2025 Latin
America
Natura &Co
2025
2025 Latin
America
Natura &Co
2025
2025 Latin
America
Natura &Co
2025
2025 Latin
America
Natura &Co
2025
2025 Latin
America
Natura &Co
2025
2025 Latin
America
Natura &Co
2025
SDGs
Natura &Co Latin America - 2024 Natura &Co - 2024
8, 12, 16
94.1%.
94.2%.
8, 12, 16
96.6%.
8, 12, 16
98.8%.
8, 12, 16
85.6%.
8, 12, 16
97.7%.
97.9%.
81.0%.
75.1%.
97.6%.
8, 12, 16
99.7%.
99.9%.
Full traceability and/or certification for
the critical supply chains in Latin America
(including deforestation and land free from
conversion).
2030 Latin
America
8, 12, 16
In addition to the six critical supply chains
already mapped, we identified seven more:
carnaúba, candelila, canola, corn, essential
fragrances, green polyethylene and recycled
materials. Specific policies for each one will be
published in the first half of 2025.
-
Indicators with specific targets and deadlines for Latin America.
49
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Commitment to Life - 2030
Sub-pillar
Indicators
Target
SDGs
Intolerance
towards the
abuse of Human
Rights
Identify, prevent or mitigate risks to human
rights in our value chain by 2027, promoting
access to remediation and leveraging a
positive impact.
Circularity of
Packaging
50% of all the plastic used must have recycled
content (in weight).
100% of our packaging will be reusable, refillable,1
recyclable or compostable.
Assume responsibility for the correct disposal of packaging
materials, certifying collection systems in regions where a
sufficient recycling infrastructure does not exist.
Include ingredients that are at least 95%
renewable or of natural origin in Natura
products.
Make at least 95% of the formulas
biodegradable.
Ensure that 100% of the new formulas have a
lower environmental footprint, measured by a
life cycle assessment (LCA).
Indicators with specific targets and deadlines for Latin America.
1 Refillable only for LatAm.
2027 Latin
America
Natura &Co
2027
2030 Latin
America
Natura &Co
2030
2030 Latin
America
Natura &Co
2030
2030 Latin
America
Natura &Co
2030
2030 Latin
America
2030 Latin
America
Natura &Co
2030
2030 Latin
America
Natura &Co
2030
Natura &Co Latin America -
2024
Natura &Co - 2024
We have achieved 55% Responsible
Procurement Due Diligence. In 2025, we have
remained diligent, intensifying our audits,
strengthening negotiations with suppliers, and
implementing a specialist resource to ensure
the stability and advancement of this essential
practice, in line with the United Nations’
Guiding Principles on Business and Human
Rights.
At Avon International, we have
expanded the Responsible
Procurement Due Diligence Program,
employing the Sedes Radar tool to
evaluate the risks inherent in the
supply chain and prioritize actions
in those areas which have a critical
impact on the environment and
human rights.
8, 16
12
18.2%
12
84.6%
16.7%
84.5%
12
We believe that recycling is most effective when we combine the design of quality
products and the quality of the existing local infrastructure to ensure the correct
collection, sorting and handling of the waste. We are studying recycling chains in the
regions where we operate, with the aim of finding solutions for materials that are
difficult to recycle.
6, 9
94.8%
6, 14
97.3%
-
97.0%
6, 12
In 2025, we will be integrating life cycle analysis
into the packaging formulas, thereby aligning
them with the best global practices and
strengthening our database on the impact of
ingredients and materials.
We will be continuing to increase
the sustainability of the products,
improving our analyses, so that the
environmental footprint of each new
formula is reduced.
50
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Commitment to Life - 2030
Sub-pillar
Indicators
Target
SDGs
Operate in partnership to increase awareness
and develop regenerative abilities and
solutions that transform systems and generate
a positive environmental and social impact,
allowing everyone to prosper.
Ensure that 30% of the key ingredients supplied by
the communities and small farmers are produced by means
of regenerative practices that are verified/certified by an
independent third party.
Investment in
Regenerative
Solutions
Ensure that 100% of the communities and small
farmers supplying key ingredients make use
of ethical supplies and employ regenerative
practices.
2030 Latin
America
Natura &Co
2030
2030 Latin
America
Natura &Co
2030
2030 Latin
America
Natura &Co
2030
9
2, 15
3.4%.
8, 15
9.8%.
Natura &Co Latin America -
2024
We launched the Regenerative Alliance
involving more than 100 suppliers in efforts
to support the climate transition, circularity
and human rights. We have also developed
Natura Ekos Brazil nut tubes that are 100%
manufactured from recycled aluminum, with
10% coming from Nespresso coffee capsules,
thanks to the partnership established between
the brands
Natura &Co - 2024
Avon International aims to
expand the use of renewable and
regenerative technologies and
ingredients, testing new beauty
applications. We are also exploring
processes such as cotton from small
farmers employing regenerative
management techniques (Cotton
Made In Africa - CMIA).
Ensure that 100% of the volume of at least two of the
principal commodities of our business is produced using
regenerative practices.
2030 Latin
America
8,12, 16
Generate a measurable positive socio-
environmental impact of US$ 4.00 for each
US$ 1.00 of reported revenue.
2030 Latin
America
3, 16, 17
Definition of the two main commodities and a
plan for the implementation and monitoring of
regenerative agricultural practices, that will be
approved in the second half of 2025.
For every BRL 1.00 of revenue, Natura
businesses, including those operations forming
part of Avon in Latin America through until
2024, resulted in a positive social environmental
impact of BRL 2.50.
-
-
Indicators with specific targets and deadlines for Latin America.
51
52
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Index
Interview with Latin America CEO
1. Our Identity: We are Natura
2. Regeneration and prosperity: Our strategy for Latin America
Wave 2: business integration
From sustainability to regeneration
Impact management: IP&L
The employee journey
Certification
Awards and recognitions
3. Climate, biodiversity and nature
Climate Transition Plan
Biodiversity management
Amazon, innovation and regeneration
Sociobioeconomy in practice
4. Brands positioning
Natura
Avon
5. Omnichannel Journey
Direct Selling
Well-being for Beauty Consultants
Retail
E-Commerce
Bluma
Emana Pay
6. Innovation: transversal approach
Open and collaborative innovation
Technology & data
R&D
Bioinnovation and Amazon
Packaging and circularity
7. Infrastructure and value chain
Business decarbonization
Integrated Management of Environment, Health, and Safety
Supplier Development
Ethical and sustainable sourcing
8. Human rights and investments in society
Natura Institute
Crer para ver
52
59
62
67
68
69
72
77
78
81
84
89
92
96
100
102
109
113
114
115
119
120
121
122
123
125
127
129
133
133
139
143
144
147
150
153
156
157
53
53
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
A message from the
CEO of Natura &Co
Latin America
João Paulo Ferreira I CEO of Natura &Co Latin America
The Natura &Co global business restructuring agenda
moved forward at the two business units over the
course of the year. How did Latin America deliver
results and contribute to the execution of this plan?
Latin America is the starting point and the main source
of Natura &Co’s economic, social and environmental
results. recent years, the company has experienced a
journey of transformation and learning, centered on the
simplification of its global structure and the
recovery of its performance levels.
In 2024, as part of the Executive Committee’s
responsibilities, we looked closely at the role that Natura
in Latin America plays as part of this new moment. We
constructed goals for the current strategic cycle which
can be expressed in two words: Regenerate and Prosper.
This means making a move towards more regenerative
models - the next level in sustainable development - and
combining this move with the creation of value for our
entire network of business and relations.
54
“We have constructed
goals for the current
strategic cycle which can
be expressed in two words:
Regenerate and Prosper.”
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
In addition to this there is also a project designed
For us, regeneration is a dynamic process aimed
to recover our Reason for Being -Well-Being-Well -
at restoring life to individuals, society, nature and
called ‘We are Natura’. This is all about a return to our
the relations between each of them. This is directly
origins, a project to strengthen our identity focused
related to the way in which we can access our supplier
on understanding how to focus on a dynamic and
communities, research new bioactives and build
adaptable future without losing sight of the values that
partnerships, develop products, position our brands, and
we have been building for decades at Natura Cosmetics,
ensure ethical, transparent and long-lasting commercial
which celebrated its 55th anniversary and a decade
relationships.
as a B Corp in 2024. By means of We are Natura, we
have given special meaning to this new stage in the
The omnichannel journey is one of the paths for
Company’s history in Latin America and reinforced the
growth that has been announced for Latin America,
bases that support our ability to innovate and grow.
combining Relationship Selling with other channels,
with the aim of attracting a broader range of consumer
So how does the business strategy involve sustainable
profiles. What progress was made during the year, and
development and keep it at the center of the decisions,
how does it impact the Beauty Consultants?
even at a time when we face such challenges and
To expand Natura’s origin-based vision, it is essential
changes?
to be present in different purchase occasions and
The incorporation of the concept of regeneration into
motivations, becoming part of customers’ daily lives. This
the corporate strategy reaffirms our commitment to
ambition goes beyond a simple commercial transaction;
activities that generate positive social, environmental
it requires deep cultural relevance across the various
and economic impacts. We believe that the search for
geographies in which we operate and a comprehensive
regenerative models says everything about how we
business strategy, with a presence in multiple locations,
have established a business that works for the future of
categories, and brands.
humanity, with the use of the assets found in biodiversity
at its heart and as a way of delivering beauty and
We have been steadily advancing in our omnichannel
wellbeing to the world.
journey, aiming to further digitalize Relationship Selling
55
55
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
while also diversifying the offering to customers through
The growing adoption of digital tools by our Consultants
multiple channels, moving toward the challenge of
is a clear sign of how technology is enhancing the reach
achieving full omnichannel integration.
and effectiveness of direct selling within an omnichannel
In 2024, we opened our virtual store on the Mercado
landscape.
Livre platform in Brazil and Chile, revamped our own
The Wave 2 initiative for the integration of the Natura and
e-commerce platform, and continued with our retail
Avon operations is one of the most important structural
expansion plan, opening more than 1,000 physical
projects in Latin America. How was the project developed in
Natura stores (including our own and franchises), with
2024 and what are the next steps?
some of these being opened for the first time in
In 2024, our main focus was on consolidating Wave
Colombia. At the same time, we have managed to move
2 in combined countries. The logistics consolidation
the Avon brand into the Brazilian specialist market, with
implemented in the third quarter of 2024 began generating
partnerships that connect us to tens of thousands of
efficiencies, we expect these positive impacts to intensify
new clients. People like people. Excellent service is built
throughout 2025. These efficiencies even allowed us to
on intimacy—understood as trust, knowledge, and
increase investments in the region and accelerate Natura’s
closeness. These pillars are essential for building
market share gains in Brazil.
long-lasting and healthy relationships, anywhere in the
world and across all customer interaction channels.
Peru, Colombia, and Chile—markets that also operate under
a combined model—reported positive revenue growth.
Omnichannel strategy is, therefore, a path to broaden
We also began the gradual and phased implementation
our vision and bring our products to a wider audience,
of Wave 2 in Mexico and Argentina.Wave 2 is intrinsically
while respecting consumers’ diverse preferences and
connected to our omnichannel journey. The integration of
needs. It complements and strengthens Relationship
operations allows us to offer a more seamless and integrated
Selling by creating more opportunities for our Beauty
experience for our Consultants and customers across all
Consultants and offering customers convenient access
touchpoints, combining the strength of Relationship Selling
to our products.
with thegrowing relevance in digital channels and retail.
56
56
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The investment in innovation also forms part of the
efforts to gain a market share and improve the brands’
results. What was the strategy adopted by Avon and
Natura in 2024?
Cross-cutting innovation, driven by the goal of
generating positive impact and supported by
the complementarity between Natura and Avon, enables
us to maintain leadership in the cosmetics and personal
care sector in Latin America.
“Cross-cutting innovation, driven
by the goal of generating positive
impact and supported by the
complementarity between Natura
and Avon, enables us to maintain
leadership in the cosmetics and personal
care sector in Latin America.”
For Avon, our 2024 innovation strategy focused on
In 2024, we reviewed our entire innovation governance
strengthening key categories such as makeup and
and R&D structure, marked by the arrival of the Avon
skincare, both of which showed encouraging results. We
Global Innovation Center at our Cajamar (SP) complex.
also executed the strategic relaunch of iconic products like
Our goal is to develop products with a local perspective
Far Away. For 2025, we have ambitious plans to accelerate
that truly meet the needs of our customers.
Avon’s innovation efforts, leveraging the brand’s strong
recognition and driving deeper consumer engagement
At Natura, launches such as Ekos Brazil Nut Concentrate
through high-quality offerings at competitive prices.
and Ekos Ryos exemplify how innovative technologies
can be combined with a regenerative approach. The
For both brands, innovation investments were also
debut of Natura’s High Perfumery line and the brand’s
linked to the omnichannel journey, with technology and
entry into the home care segment with the Bothânica
systems designed to support this strategy. We believe
line reinforced Natura’s positioning in the premium
that translating the direct selling experience—defined by
segment. The launch of Tododia Jambo Rosa and Flor
personalized attention and service—across the entire
de Caju was another important milestone, highlighting
organization embeds this valuable knowledge into all of
our commitment to diversity, equity, and inclusion.
our processes.
These products were tested on more than 120 skin
tones to ensure optimal performance for Black and
We dedicated a significant year of preparation to
mixed-race skin.
strengthening our brand and product innovation
57
57
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
platforms, with the aim of laying the foundations for a
company: all of our operations will need to go
powerful brand presence and fostering deeper cultural
beyond mitigating and offsetting negative impacts
relevance. This movement began in Brazil and we are
by actually generating a systemic positive impact for
now structuring its expansion across Latin America.
people (both individuals and collectively) and
During the 29th United Nations Conference on Climate
for nature.
Change (COP29), in Azerbaijan, Natura reinforced the
IP&L (Integrated Profit and Loss) continues to be the
incorporation of the concept of regeneration (which
metric used to monitor this target. Our business will
had already been mentioned at COP28, in Dubai) and
be truly regenerative when the impact is positive in
announced that itwould form an integral part of the
each of the capitals, individually and simultaneously.
Company’s new 2050 Vision. This vision, which has
Our business model provides the opportunities we
been under development for a decade, announced
need to achieve regenerative status. To move forward
Natura’s ambition to be a leading creator of positive,
on this journey, we developed initiatives such as our
economic, social, environmental and cultural impact.
Climate Transition Plan, in which we clearly define our
Could you tell us a little more about the differences and
business decarbonization strategies, grounded in the
details of the revised concept?
pursuit of resilience and climate justice.
The main difference lies in the depth and nature of
the intended impact. Our 2050 Vision provides a
The Latin America region has perhaps the widest
long-term perspective in support of our business
range of biodiversity in the world, and the Amazon
decisions and strategies, considering the company’s
region plays a crucial role in ensuring the planet’s
legacy and potential impacts on the market, people
climate balance. As such, we believe that we, along
and nature from the perspective of sustainability. We
with other companies and governments, should
are currently reviewing this perspective, as part of our
be developing local communities to work with the
approach to regeneration.
sociobioeconomy, transferring technology and
With the 2050 Vision initiative, which we are
innovation and technical and scientific cooperation.
promoting regional development through access to
currently updating, we will become a regenerative
58
58
1
Our
identity
59
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Together, we can
sow a new world.
Together,
We are Natura.
The We are Natura movement, more than a definition
Now that we are commemorating Natura’s 55th anniversary,
of our organizational culture, is an identity choice for
we are able to take a broader look at how its history is
Natura &Co Latin America and its brands.
connected with the surrounding region. As such, we have
Structured to provide our cultural foundation, this
corporate philosophy - We are Natura - scattering the seeds
returned to our roots and reasserted the strength of Natura’s
movement will enable the strategy to be adopted in
with which to grow our future.
relation with our personnel, integrating them under a
single objective: to form part of the Well-Being-Well
With our clarity of purpose and the way in which we
Ecosystem that connects the brands, businesses and
operate, we have constructed a means for the company to
people with the same reason for being and shared
stand out in the market, connecting culture and strategy
beliefs, to drive a regenerative company. We have
in support of the business’ objectives and results. This
united all our employees in the region under a single
movement has marked the beginning of the alignment
objective, set of beliefs, behaviors and corporate
of Natura and Avon’s entire personnel management
identity. The central message is that “We are all
strategy in Latin America, providing full transparency and
Natura”, regardless of the business, area or region in
creating mechanisms to empower a high-performance
which we operate.
organization.
60
60
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Our commemoration of the
55th anniversary
of Natura
strengthened our connection with
Well-Being-Well
Manifesto
Roots take time to grow.
They require patience, perseverance and resistance to the elements.
They defy the seasons to become strong, solid and secure
in their place in the world.
These are our roots.
Deep and strengthened by our connection with nature.
Our nature: Well-Being-Well.
This is the representation of the harmonious relationship that we
have with each other, with others and with the world. And it is what
reverberates through our products, services, brands and people.
We honor our roots and we believe that, to carry
Well-Being-Well even further, we need to become seeds.
Fulfilling our promise of the new and achieving our maximum
potential to take root in other regions.
They allow us to go beyond our limits to regenerate life
in all its different forms.
We have begun a cycle of Regeneration and Prosperity.
One in which we act as agents of transformation to foment
Well-Being-Well and, together, create the future we dream of.
A future of renewal and restoration.
61
61
2
Regenerate
and Prosper:
strategy for Latin
America
GRI 2-1, 2-6, 3-3
62
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
“
Natura is recognized by the WBCSD (World Business
Council for Sustainable Development) as a global and Latin-
American leader in sustainable business, with clear commitments
on the climate, nature and equity. The brand is making a pioneering
contribution to impact calculation, with concrete experiences in the
gauging and appreciation of natural, social and human capitals, such
as, for example, in the Amazon region supplier communities and
the consultant networks. This broad vision has directly influenced
the discussions that take place at the WBCSD, including those on the
development of IP&L (Integrated Profit and Loss) and the contributions
made to initiatives such as the TNFD (Taskforce on Nature-related
Financial Disclosures) and the TISFD (Taskforce on Inequality and Social-
related Financial Disclosures), which promote the transparency of
environmental, social and economic risks and impacts. For the WBCSD,
the future demands more than simply mitigating risks. Building a
regenerative economy requires the development of businesses that
actively contribute to the health of the social and environmental
systems. This vision lies at the heart of the WBCSD’s 2050 Vision,
which recognizes regeneration as one of the great shifts in mentality
that are necessary for the global population (now estimated at
more than 9 billion people) to be able to live well, whilst respecting
the planet’s limits. Natura, with its history of listening, innovation
and commitment to making a positive impact, continues to shape
transformative paths.”
FIONA WATSON
Vice-President of
Corporate Performance &
Accountability at WBCSD
63
63
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Strategy for
Latin America
GRI 2-1, 2-6, 3-3
Our anniversary in 2024 was the right moment to lay
the foundations of a new strategic cycle, anchored i
n objective of nurturing beauty and the relations
to necessary generate positive economic, social and
environmental impacts, while sowing the seeds
of the Well-Being-Well Ecosystem.
Latin America is responsible for the majority of Natura
&Co’s net revenue as well as Natura’s global operations
and the Avon. We operate in 14 countries. The last
two years have been a period of intense deliveries
and results and, at the same time, of dedication to
the drafting of a new cycle for Latin America. Our
strategy involved advancing in the integration of
regional operations and evolving in the construction
of a multi-brand, multi-channel and multi-market
business model.
This year, we consolidated the foundations of our
Regenerate and Prosper strategic cycle. Our Reason
for Being - Well-Being-Well - helped us to create an
ecosystem that shares the common objective of
innovating to make us a regenerative business that
creates a positive impact in all it does. The Well-Being-Well
Ecosystem is currently composed of two lmajor brands,
Natura and Avon, service platforms such as Emana Pay and
Bluma, and an extensive network of people: customers,
employees, Beauty Consultants, agro-extractivist
communities, suppliers and other business partners.
Our innovative differential is our ability to mobilize this
powerful ecosystem in the creation of regenerative
solutions in line with the growth of our business.
Strategic pillars for Latin America
• Multi-brand, multi-channel and multi-market:
an ecosystem that forms an integral part of the
consumers’ broad range of needs and experiences,
with the knowledge and capacity to provide important
innovation in the different categories and key-markets.
• Regenerative innovation: a vision of the unique
characteristics and leading position of our brands,
demonstrating their attractiveness and
•
importance, which applies the ‘Being Natura’ approach in
products, services, processes and business models based
upon the concept of regeneration.
• Focus on the customers – we are present at every moment
and in every choice of our customers’ journeys, with
wonderful and distinctive experiences.
64
64
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Impact presence
GRI 2-6, 2-7
14 countries in Latin America:
Argentina, Brazil, Chile, Colombia, El Salvador, Ecuador,
Guatemala, Honduras, Mexico, Nicaragua,
Panama, Peru, Dominican Republic and Uruguay
More than 3.1 million
Beauty Consultants
1,076 stores,
including our own and franchises
5 factories, 3 of which manufacture
for both Natura and Avon
18 distribution centers, in the following countries:
Argentina, Brazil, Chile, Colombia, Ecuador, Guatemala,
Mexico, Peru and Dominican Republic
Headquarters in São Paulo, Brazil
R$ 23.4 billion in net revenue
14,800 employees
United
States
8
Mexico
1,978
Dominican
Republic
114
Guatemala
El
Salvador
331
Honduras
60
Panama
38
62
Nicaragua
Colombia
56
692
Ecuador
238
Peru
302
* we also have local distributors in Bolivia (Natura) and and in Costa Rica and
Paraguay (Avon). We also have e-commerce operations in the United States
and France.
Employees
Brazil
8,482
Chile
570
Uruguay
Argentina
22
1,848
France
2
65
65
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Executive
Committee
From left to right:
Agenor Leão de Almeida Junior – VP of Brazil Business; Silvia Vilas Boas – VP of Finance;
Paula Benevides – VP of People; Joselena Romero – VP of Operations, Logistics and
Procurement; Paula Ferreira de Andrade Romano – VP of Omnichannel; João Paulo Ferreira –
CEO; José Manuel Silva – VP of Emana Pay, New Businesses, IT, Data & Analytics; Tatiana Ponce
– VP of Brand, Marketing and Innovation; Diego Fernando de Leone – VP of Hispanic America
Business; Ana Beatriz Costa – VP of Sustainability, Legal, Reputation and Government Affairs
66
66
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Wave 2: integration
of the businesses
The strategy of integrating the business operations
of the Natura and Avon brands, which we call ‘Wave 2,
progressed in 2024. We ended the year having made
progress in Brazil, Peru, Colombia and Chile and, in
the second half of the year, we launched the Natura
brand in Ecuador based upon the Avon operational
structure. We took on board all that we had learned
in the first countries that were integrated, making the
work more fluid and achieving the expected return
on results in less time with each new market.
The integration of the organizational culture and
the operations made, Wave Two a more attractive
proposal for the Beauty Consultants (read more in
the Omnichannel Journey chapter). With the option
of selling both Natura and Avon products, they were
provided with a much larger and more diverse
portfolio, and, with the new commercial platforms,
they had access to combined tools and processes, more
attractive commercial conditions, and more possibilities
for increasing client loyalty and earning more.
Wave 2 will be finalized in 2025, with the operational
and commercial integration of the brands in
Argentina and Mexico.
In 2024, the Natura
brand opened
for business in
Ecuador
67
67
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
From sustainability to
regeneration
GRI 2-22, 3-3
We began 2024 with the challenge of designing a plan
of the Integrated Profit and Loss (IP&L). By attributing a
monetary value to the impacts we have, we can make
more assertive decisions, with financial results and value for
humanity and the planet.
for the transformation of our businesses, connecting
Our proposal is to evolve from the compensatory logic of
economic success with increased ambitions in
sustainability and move towards the systemic operation of
sustainability. We have arrived at a point where the
regeneration. The source of the revenue and profit should
world’s resources are reaching exhaustion, and it is no
be the same source of regeneration. Only in this way can
longer possible to operate simply to support nature,
the ability to regenerate and prosper be the exact same
the climate and the wellbeing of communities. That
size as the business or enterprise. This means making every
is our belief. Due to the wide range of changes that
activity undertaken, and each aspect and location impacted,
humanity has imposed upon the planet, these systems
regenerative, with no exceptions.
have lost their intrinsic capacity for constant self-renewal
and consequently, the ability to guarantee their own
We believe that the source of the revenue and profit should
stability for future generations. This is why we needed
be the same source of regeneration. Only in this way can
to take a step forward and incorporate the concept of
the ability to regenerate and prosper be the exact same
regeneration. For Natura, being a regenerative business
size as the business or enterprise. This means making each
means promoting life amongst individuals, communities
action undertaken, and each aspect and location impacted,
and nature, as well as the relationships between each of
regenerative, with no exceptions. This is a proposal that
them. This is an expression of Well-Being-Well.
begins with the offsetting logic of sustainability and moves
towards the systemic logic of regeneration.
One action provides the foundation for the other. Our
understanding is that regeneration is only possible when
In practice, doing this is an enormous challenge, since it not
the positive impact results from the business itself, going
only involves simply calculating the value of life in order to
beyond simply compensatory measures. This change
guide the decision making. It is a challenge that we accepted
increases the importance of gauging the impact of the
many years ago, ever since we adopted the Integrated Profit
businesses, which is currently performed by means
and Loss (IP&L) method in our day-to-day operations.
68
Diversity and
inclusion
Clmate
change
Health and
safety
Salaries and
benefits
Income and
indebtedness
Training
and
education
Community
strengthening
HUMAN
CAPITAL
SOCIAL
CAPITAL
Use of
water
Water
pollution
NATURAL
CAPITAL
Air
pollution
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Management by impact:
IP&L
GRI 2-25, 3-3, 203-2
Natura believes that the longevity and value of
a company are directly linked to its capacity to
Impacts affect relationship between
people and the environment
Diversity and
inclusion
Clmate
change
Health and
safety
contribute to the sustainable development of its
Use of
surrounding area and, as such, it also needs to
understand and gauge its natural, social and human
impacts, in addition to financial performance.
It was thus that, after a decade of innovation together
with partners such as Capitals Coalition and Valuing
land
Impact, we were able, in 2022, to implement the
pioneering Integrated Profit and Loss (iP&L).
This integrated management tool allows us to
calculate the monetary value of aspects that go
beyond financial results, such as the impact of our
business activities in the natural, social and human
dimensions. The results include numerous different
areas of the company’s activities, such as climate
transition, circularity of waste, regeneration and
conservation of biomes, and the creation of revenue
for the network, as well as impacts on health, always
aligned with the promotion of well being.
In 2024, we calculated a net positive impact of
Forest
conservation
Taxes &
Development of
infrastructure
Utility of
products
Benefit
sharing
Use of
non-renewable
resources
Salaries and
benefits
Income and
indebtedness
Training
and
education
Community
strengthening
HUMAN
CAPITAL
SOCIAL
CAPITAL
NATURAL
CAPITAL
Use of
water
Water
pollution
Air
pollution
Use of
land
Forest
conservation
Taxes &
Development of
infrastructure
Utility of
products
Benefit
sharing
Use of
non-renewable
resources
The methodology
drivescomprehensive
actions for regenerating
life thatbecome part
of the business
69
69
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
BRL 50.5 billion for society in our Latin American
operations. This last year, for each BRL 1.00 in revenue
obtained by the company, BRL 2.50 was generated in
positive social and environmental impact.
Our aim, as established within the Commitment to
Life, is to generate a positive net impact that is four
times greater than our revenue result by 2030. Our
actions now have a positive result in relation to the
Social and Human capitals which offset a result that
is still negative in terms of Natural Capital. To achieve
our target of becoming a regenerative company, we
need to obtain positive balances in each category of
capital individually.
READ MORE
about the results and the
iP&L methodology in more
detail here.
This last year,
for each
R$ 1.00 in
revenue
obtained by
the company,
R$ 2.50 was
generated
in positive
social and
environmental
impact.
70
70
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
At the beginning of 2025, due to the
setbacks in the ESG Agenda, Natura
published a letter reaffirming its
commitment to sustainable development,
the protection of human rights and
collective mobilization. We highlighted
that the Commitment to Life does not
accept setbacks and reinforced our
intention to drive regenerative business,
going beyond the offsetting of impacts.
READ
the full letter here
New 2050 Vision:
the path towards a regenerative business
With the launch of the 2050 Sustainability Vision a decade
ago, Natura publicly announced its dream of becoming a
business which has a positive social environmental impact.
This dream became a reality when, in 2022, the results of
the Integrated Profit & Loss (IP&L) confirmed that our total
impact on nature, society and people showed a positive
balance.
In 2024, due to the current global social environmental
challenges, we have renewed this dream to guide our
business in the direction of regeneration. This means that our
business model should evolve to systematically increase its
ability to regenerate the life and relationships that support it.
By 2050, we intend to make Natura a fundamentally
regenerative company, individually and systemically
generating a positive impact in the Natural, Social and
Human capitals, without one needing to offset another.
71
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The employee journey
GRI 2-29
In 2024, the personnel strategy in Latin America
underwent a significant transformation with the
launch of We are Natura. This initiative marks a
strategic step forward in the construction of an
even stronger organizational culture, connecting
objectives, development, performance and
experience. As such, we are accelerating the
employee journey, which was revised in 2023,
structured around five pillars that support our future
vision and provide a base for driving the evolution of
the business:
1. Accelerate the development of strong
leaders, innovators and entrepreneurs,
capable of generating exceptional results with
positive impacts in the economic, social and
environmental spheres, inspiring talents, creating
future leaders, and cultivating a collaborative, high
performance environment.
2. Ensure the acquisition and development of critical
and cross-sectional skills, aligned with the Natura
culture, to drive the growth and evolution of the
businesses, preparing both leaders and employees
for the challenges of the future and enabling the
successful implementation of strategies.
3. Simple, efficient and agile organization:
reduction in complexity through evolution of
the organization design, simplification of the
decision-making process, acceleration of the
agility model, and expansion of the ecosystem
of talents, ensuring operational models that
support the current and future business.
4. We are Natura: the culture as the main means
of enabling the strategy. By providing full clarity
regarding our Essence, identity and attitudes as
central elements in our strategic decisions, we
aim to drive the coordinated action by means
of priorities, engagement and achievement of
high performance, transforming our leaders and
employees into agents of transformation and
expansion of the Well-Being-Well initiative.
5. Evolution of the value proposal for the employee
by means of the strategic mapping of their
journey, prioritizing Well-Being-Well, diversity
and the positive impact of our actions, seeking
a (re)connection with Natura’s purpose and
strategic objectives.
We ended 2024 with positive results, indicating
the success of the strategy adopted. Our
employee engagement survey, undertaken in
two annual cycles, aims to collect inputs on the
Our team in Latin
America in numbers
GRI 2-7, 405-1
14,806
direct employees
39%
men
61%
women
8,482
in Brazil
6,324
in Hispanic America
72
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
work experience, objective, happiness and stress. In
2024, the approval of the engagement, measured by
means of a survey involving 92% of the employees
in Latin America, was 91% - the best result in the last
three years.
Remuneration and
a decent salary
GRI 2-19, 2-20
We have adopted a transparent process for definition
of our remuneration policies, in line with best corporate
governance practices. This process includes the
establishment of objectives and the remuneration
philosophy, considering the competitiveness of the
market and attractiveness for talent, as well as the
creation of the Remuneration Committee, which is
responsible for evaluating and approving
adjustments to the salary policies and practices.
We incorporated fixed a variable components, including
short and long-term incentives. Part of the variable
calculation involves fulfillment of performance and
sustainability targets, such as the reduction of
emissions and use of recycled post-consumption
plastics in packaging.
73
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
In 2024, Natura became
We have also included our public commitment
o an ambassador of the
to equity (read more here). We have continued to
Living Wage Movement,
eliminate non-justified salary differences based upon
part of the ‘Rede Brasil’
gender - a point contained in the Commitment to
of the UN’s Global
Life that we achieved in 2022, three years prior to the
Compact. We began to
established target date.
support the initiative,
promoting actions that
In 2023, we achieved our goal of paying a decent
encourage and drive
salary to all our employees in Latin America. This goes
the adoption of decent
beyond the minimum wage, since it considers the
living wages in Latin
amount necessary for a person or family to maintain
America. Going beyond
a decent standard of living, or in other words,
the remuneration of
that allows employees to cover their basic needs,
our own employees, we
without losing sight of their basic human rights. This
also operate throughout
amount varies depending upon the country and the
the sector and together
city. Furthermore, we continued to eliminate non-
with our supply chain.
justified salary differences based upon gender - a
point contained in the Commitment to Life that we
achieved in 2022, three years prior to the established
target date.
READ MORE ABOUT
all of the profile,
development and
evaluation indicators
of our team in the ESG
Scorecard and the Latin
America Databook.
74
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
A learning culture
GRI 404-1
Living wage
ambassadorsIn In
At Natura, we believe that continual learning is
essential for the success of the company. Curiosity
and openness to the new drive the development of
people, the business and the world. This is why we are
constantly investing in innovative learning solutions,
always placing the customer at the center of our
journey. In 2024, we provided more than 125,000
hours of training, with R$ 3.5 million being invested in
full-time equivalent (FTE) training.
In 2024, we launched the ‘I am a Natura Leader’
program, aimed at coordinators and managers as
part of the Well-Being-Well platform. We have also
lent extra weight to the training in skills that are
strategic to the business, especially the Omnichannel
initiative, Agility and Marketing. We have also
developed initiatives focused on the development
of skills in Artificial Intelligence, data management
and decision-making based on strategic insights.
Another highlight was the launch of Eleva Carreiras,
an acceleration program for a group of Black
coordinators, focused on strengthening self-
awareness and preparation for future challenges,
improving the levels of readiness for new
responsibilities at Natura.
We ended 2024 by performing a comprehensive
diagnosis designed to map the learning tools used
by our employees and identify opportunities for
the improvement of our Learning Ecosystem. This
study will form the basis of a new strategy that is to
be implemented in 2025, aimed at increasing and
strengthening the different ways that knowledge is
disseminated and exchanged, extending beyond
formal and traditional methods, helping us to
become more aware of the true needs of the
individuals and the business.
In 2024, we
offered an
average of
More than
125,800
hours of
training
provided for
our employees
in 2024
GRI 404-1
READ ABOUT
our team in more detail
in the ESG Scorecard
and Latin America
Databook
75
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Diversity, equity
and inclusion (DE&I)
GRI 3-3, 405-1
Reflecting the paths traveled by Natura and Avon in this
area, we have evolved and consolidated the company
as a benchmark for affirmative actions, capable of
attracting and retaining talents that display diversity,
and being an important voice in the equity and
inclusion agendas. These actions are related directly to
the management of the material topic of Distribution
of Value, the impacts of which can affect people and
their human rights.
We monitor the positive impacts connected to these
issues (with Black and female employees assuming
management positions), as well as the potential
negative impacts of our activities, such as issues
regarding harassment, violations of rights and/or
discrimination, including any which may arise in the
supply chain.
Our work is guided by the Human Rights and Diversity,
Equity and Inclusion policies. All of our actions in
this area are performed in line with the Sustainable
Development Goals established by the UN.
We reached
6.6% of
employees
with
disabilities,
surpassing our
target of 6.2%
We have
11% of
management
positions in
Latin America
were occupied
by Black
people, with
15.8% in Brazil
76
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
;
Memberships
In 2024, we conducted the PertenSer Campaign, which
encouraged employees to fill out forms declaring their
own understandings of their ethnic and racial, gender
identity, sexual orientation and disability positioning.
A total of 67% of the employees took part in the
campaign, of which 16% were from underrepresented
groups and 15% occupied management positions.
Affinity groups
We have had affinity groups in Brazil, made up of our
employees, since 2018. These are powerful networks
offering forums for discussion and the expansion
of internal awareness regarding the importance of
diversity and inclusion within Natura and in society in
general. The theme-based groups are:
• Nós ('Us’ - gender);
• Eficientes ('Efficient’ - PwD);
• Pratas da Casa (‘Elderly at Home’ - generational);
• Raízes (‘Roots’ - ethnic and racial identification); and
• Cores (‘Colors’ - LGBTQIAP+).
In the other Hispanic American countries we have
Diversity Committees, also made up of employees, that
address different issues, depending upon the reality of
each country.
Business organizations focused on racial
and ethnic diversity:
•
• Business Coalition for Racial and Gender Equity
(Ethos Institute and Center for the Study of Labor
Relations and Inequalities – CEERT);
• Business Initiative for Racial Equality;
• Equity is a Priority Program (UN Global Compact
Network Brazil and CEERT);
• Pact for the Inclusion of Black Youth in the Labor
Market (MPT-SP);
• Center for the Study of Labor Relations and
Inequalities (CEERT).
•
•
•
•
Business movement for diversity and the
inclusion of disabled people:
• Business Network for Inclusion - REIS
Business movements for gender equity:
• UN Women; Movimento Mulheres 360;
Gender and Race Coalition (Ethos and CEERT);
• Business Coalition to End Violence Against
Women and Girls (Unstereotype Alliance).
Business movement for sexual diversity and gender:
• Companies and LGBT+ Rights Forum.
Cross-sectional business movements:
• Ethos Institute;
• American Chamber of Commerce in Brazil - AMCHAM;
• System B
77
77
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Certifications
Natura has been a ‘B Corporation’
for ten years now:
in 2014, Natura became the first publicly held
company to be awarded B Corp certification.
Today, we are still one of the few companies in
the world to score in six Impact Business Models
(IBMs): Mitigation of Poverty in the Chain, Land/
Wildlife Conservation, Micro-distribution,
Employee Development, Reduction of Toxins,
and B Statute.
CDP Climate:
For CDP Climate, Natura maintained
a leadership score (A-) and Avon International
kept its B rating. In addition, Natura began
reporting on Forests and Water, reflecting
its commitment to market transparency.
ISE:
Natura &Co has been part of the ISE B3 for the
19th consecutive year (including Natura Cosméticos
S.A.’s participation prior to 2019).
ICO2 :
In 2024, we were awarded our fourth certification,
Natura &Co has been included in B3’s Carbon
receiving special mention in the Community pillar,
Efficient Index (ICO2) since its creation in 2010.
which evaluates the social impact companies on
inclusion, diversity and social justice. There was
ISS ESG Rating:
a 32% rise in the scoring in this pillar compared
We improved from C+ to B-, with positive highlights
to 2020, reflecting significant advances in
in the Environmental and Social dimensions.
entrepreneurship and economic development.
We performed well on the micro-distribution
Morningstar Sustainalytics:
IBM, connected to our actions with the Beauty
We increased our rating score and reached
Consultants, as well as the Amazônia Program and
the lowest risk level recorded by the company
its actions performed in of the development of
in recent years.
the socio-biodiversity chains.
78
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The Leaping Bunny:
bestowed by Cruelty Free International, one of the
UEBT Regenerative Seal
in 2024, Natura was awarded the UEBT Regenerative
oldest and most respected organizations fighting to
Seal for our Brazil nut chain. This recognition is also
eliminate animal testing. The certification attests to
awarded by the Union for Ethical BioTrade. The Seal
Natura’s commitment to be free from such testing in all
reflects the incentives provided for regenerative methods
the stages of its product development, which has been
in the Brazil nut chain since this is an important raw
in place since 2006. Natura was the first company to
material for the company as part of its socioeconomic
receive this certification in Brazil, in September 2018.
journey. The recognition demonstrates an approach that
UEBT (Union for Ethical Biotrade)
certification:
supports the preservation of biodiversity, restoration
of the land, carbon sequestering, the efficient use of
water, the fair sharing of benefits and safe working
for the sixth consecutive year the certification
conditions for the supplier communities, as well as the
guarantees that all the vegetable ingredients in
contribution to a living wage for the families involved and
Natura’s Ekos line product formulations were sourced
the guaranteeing of compliance with international and
with respect for people and the environment. Together
domestic legislation.
with the partner agro-extractivist communities, we
have established three types of UEBT certification:
VCMI
The ESS (Ethical Sourcing System), that performs due
in 2024, we received the Carbon Integrity Platinum
diligence on the network of suppliers; the IMS (Internal
Seal, the prestigious recognition awarded by VCMI
Monitoring System), which monitors the ingredients
(Voluntary Carbon Markets Integrity Initiative). The
connected to the socio-biodiversity value chain; and
seal refers to 2022 and was awarded in recognition
Regenerative Practices, which testifies to the positive
of Natura having fulfilled requirements such as
impact of the farming and extractivist practices in the
efficient governance, traceability and
process of environmental regeneration.
transparency regarding its carbon credit
GRI 308-1, 308-2, 413-1
projects, and appreciating initiatives
developed within its value chain.
79
79
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Recognition
•
Awards and
recognition
Brand Finance:
Voted the world’s strongest
cosmetics brand for the fourth
year running, by the Brand
Finance 2024 report
Sustainability Leaders 2024
Natura was the third most
sustainable company in the world
in 2024
Brand Inclusion Index Kantar
Natura recognized as the most
inclusive brand in Brazil
Corporate Reputation Company
Monitor (Merco):
•
1st place in Brazil for the tenth
year running
• 5th place in Argentina
Folha Top of Mind:
Winner in the Moisturizing Cream
and Environmental Preservation
categories
AmCham Award (United
States Chamber of Commerce
in Argentina): Winner in the
Corporate Citizenship category
(special mention)
Forbes
Recognized as the best company
for women to work for
Merco ESG:
1st place in Brazil
2nd place in Argentina and Chile
3rd place in Peru
Época Negócios 360°
Natura was the third most
sustainable company in the
world in 2024
Los Boscare
Awarded 1st place in the Bóscares
Perú 2024 for our work in the
Peruvian Amazon
Reporting Matters Brasil
Integrated Report recognized
among the top 15 in Brazil for two
consecutive years.
Merco Talent:
1st place in Brazil
13th place in Argentina
World’s Best Brands 2024 - Brazil.
Natura and Avon ranked among
the best cosmetics and makeup
brands in Brazil. Natura ranked in
the TOP5 for skin care.
AmCham Award
2024 Product of the Year (POY)
in Chile for ‘Humor Liberta’ and
‘Shampoo Biome’
Open Startups Ranking:
TOP Open Corps in Brazil
80
3
Climate,
biodiversity
and nature
81
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
For a long time, we used to take the Brazil nut from the forest
and sell it without knowing whether the price was fair. We simply
accepted whatever amount was offered. We worked hard and, even so,
saw little in return. It felt like our effort had no value. When we began
our partnership with Natura more than 30 years ago, things started to
“
ELIZABETE FREITAS
DOS SANTOS
Extractivist at the Iratapuru
Sustainable Development
Reserve
change. It was one of the doors that opened for our community—and
for my own life. Today, I’m part of Comaru, an extractive cooperative
that has strengthened our organization and given us greater
autonomy. Throughout this journey, we’ve learned to transform
the Brazil nut into a product with more added value, made with our
own hands and with the knowledge that comes from the forest. We
managed to build the infrastructure to process the oil from this asset
right here in our community—and that made all the difference. From
that point on, we began selling 100% of our production to Natura
through long-term contracts. This brought income, jobs, and dignity
to our families. It brought security, stability, and the real possibility of
growth. We learned to calculate our costs and negotiate a fair price.
With this work, we structured a fund together with Natura that gives
the children of extractivist families the opportunity to study. Four of
my children received scholarships. Sandra was one of them. Today, she
works with us at the cooperative, bringing back the knowledge she
gained and strengthening what we’ve built together. Each product
carries a story: it starts deep in the forest and continues in the hands of
those who respect what it offers. This is how, day by day, we build an
economy that keeps the forest standing. This is how we ensure that
the forest remains a home, a source of livelihood, and a horizon for
future generations.”
82
82
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Climate, biodiversity
and nature
GRI 2-23, 2-24, 3-3, 101-1, 101-3, 101-4
In order to be able to regenerate, a company needs
to operate systemically to promote the conservation
and regeneration of biodiversity, raise the standard
of wellbeing and improve the quality of life amongst
the communities and business partners, whilst at the
same time implementing comprehensive initiatives
designed to tackle climate change. To achieve this,
we have always adopted an holistic approach,
involving everyone we work with.
With this 360° vision, our ambitions and targets
also involve all aspects of regeneration. Natura’s
Commitment to Life and 2050 Vision initiatives define
the integrative approach we take to the key-issues of
our business - its relationship with the socioeconomic
development of the regions, the responsible use and
regeneration of natural resources, and the seizing of
opportunities related to the climate.
Highlights and progress in 2024
We renewed the future vision of the Natura
Amazônia Program, that aims to position the region as
a hub of wealth, innovation and technology, strengthening
our regenerative business model (read more on page 92).
We commemorated the tenth anniversary of the
Ecopark, Natura’s technological, industrial, and innovation
complex in Benevides, in the Brazilian state of Pará (see more
on page 141).
The Living Amazon funding mechanism began
operations and has already raised R$ 21 million. The initial
actions have benefited 13 agro-extractivist cooperatives and
associations in the region, having a positive impact on more
than 2,500 families.
We developed the Socio-climactic Vulnerability Index
and implemented actions in support of those affected by
the floods in Rio Grande do Sul, and the droughts that hit the
Northern, Northeastern and Midwestern regions.
We inaugurated an essential oils agribusiness
in partnership with the Campo Limpo Community Farmers
Association (Aprocamp), based in Santo Antônio do Tauá
in the Brazilian state of Pará.
83
83
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Climate Transition Plan:
systematizing our
climate-related actions
GRI 201-2, 3-3
In 2024, supported by regenerative thinking, we created our
The Climate Transition Plan includes our target for
Climate Transition Plan, made up of the following pillars:
achieving zero net emissions at our own installations
• Build resilience; mitigate climate risks by means of
(Scopes 1 and 2) by 2030, and in our value chain (Scope
regenerative solutions.
3) by 2050, with an intermediary target of achieving a
• Achieve decarbonization of the business using science-
42% reduction in the latter case by 2030, as set forth in
based targets, aligned with the 1.5° commitment (Paris
the Commitment to Life.
Agreement).
• Pursue a fair and balanced transition, with
It is important to highlight that, until we achieve our
comprehensive regeneration for society and nature.
targets, we will continue to purchase trustworthy carbon
credits at sums equal to our remaining emissions that have
By means of this plan, we are presenting the path and the
yet to be reduced. The choice of the projects for which
targets that we have constructed to achieve Net Zero, guided
we purchase credits focused on generating benefits
by the Science Based Targets initiative (SBTi). Essentially,
for society, increasing the incomes of the communities
this means going beyond the classical mechanisms for
involved, and enabling new low carbon technologies and
offsetting impacts and neutralization, such as the acquisition
nature-based solutions that can accelerate the transition
of carbon credits, to achieve the actual reduction of total
of the global economy to Net Zero. We are committed to
greenhouse gas emissions in our operations - both the direct
50% of our credits originating from those communities
ones, generated by the company itself, and the indirect
with which we have partnerships in the Amazon region
ones, generated by our value chain (read more on this in the
by 2030 (read more about the Amazon Program later on,
Decarbonization of the Business chapter).
starting on page 92).
The Climate
Transition
Plan includes
our target for
achieving zero net
emissions at our
own installations
(Scopes 1 and 2)
and in our value
chain (Scope 3)
84
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The carbon market in Brazil
In 2024, the Brazilian Government approved the law
that created the Brazilian Greenhouse Gas Emissions
Trading System (SBCE).
Since the beginning of the discussions on the creation
of a regulated carbon market in Brazil, Natura has been
in favor of the fair distribution of the carbon credits
amongst the local communities and the inclusion of socio-
environmental safeguards in the market mechanisms, in
order to ensure environmental integrity and equality in
the participation of the interested parties in the mitigation
of climate change. For the company, regulation of the
market could lead to billion-dollar revenues and create
thousands of jobs, improving the public’s quality of life,
and allowing the country to position itself as an important
global agent in the fight against the climate crisis.
We are partners in alliances aimed at streamlining the
paths that will allow society to be Net Zero by 2050.
Through our membership in organizations such as the
ICC, WBCSD, VCMI, the Global Compact’s Net Zero
Ambition Movement, the Brazilian Voluntary Carbon
Market Initiative (BR VCM), CEBDS, Commitment to the
Climate, and the Brazilian Coalition on Climate, Forest and
Agriculture, we aim to give a voice to, and amplify, our
position in global forums and in the articulation of public
policies and regulations.
85
85
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Our decarbonization plan
GRI 3-3
We have created six working fronts designed to address
the decarbonization of the business: Operations,
Formulas, Packaging, Logistics, Magazines and Support
Materials, and Non-Cosmetic Products. Together, they
account for 75% of the total inventory of Latin America,
and 100% of the scope of our SBTi targets. The working
fronts are focused on both internal actions and the
engagement of suppliers and the value chain, as part of
a systemic and holistic approach which is based upon
regeneration to reduce and end carbon emissions.
1. Operations: focused on actions at our factories,
distribution centers and vehicles, implementing
more efficient initiatives involving less energy and the
elimination of fossil fuels.
2. Formulas: we invest in Research and Development
to substitute ingredients of mineral origin with those
of plant origin, and adopt low carbon regenerative
practices throughout the value chain.
3. Packaging: we are looking to provide refills, materials
which include recycled materials or which originate from
a renewable source, use green plastic, and reduce the
generation of waste.
4. Logistics: the focus lies on increasing the use of
renewable and less polluting fuels, and improving the
efficiency of the logistics DA network.
5. Magazines and Support Materials: we have optimized
the portfolio, design and format of our publications, with
a reduction in the print run and in the average weight
of the magazines, whilst also looking for technological
solutions so that, in the future, with the improved
usability of digital materials, we can fully end printed
materials.
6. Non-cosmetic products: just like in Natura’s
Crer para Ver line, and Avon’s Home& Style category, we
are working to reduce the generation of waste, increase
the incorporation of post-consumption recycled plastics
and green plastic, and increase the recyclability of the
items and the traceability of the supply chains.
In ratio to our Scope 3 emissions, we should highlight
the creation of the Regenerative Alliance (read more on
this in the ‘Development of Suppliers’ p. 147)), an initiative
which brings together Natura and around 100 strategic
partners whose contributions are decisive for the success
of our climate plan.
READ ABOUT
our Climate Transition Plan in more
detail in the Latin America Databook.
86
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Climate justice
GRI 3-3
Climate justice guides the disproportionate impacts of
climate change in different social groups, and is used as a
tool for the preservation and protection of the environment
and all forms of life, regions and communities.
Climate change is the result of a set of environmental
inequalities, meaning that tackling environmental injustice
needs to be prioritized with an intersectional vision of
gender, race and class issues.
Climate justice means recognizing the disproportionate
impacts on traditional, marginalized and Black
communities. The perspective of environmental racism is
therefore crucial to this discussion.Based upon this context,
2 - Resilience
To mitigate the impacts and risks that directly affect
income, we have been working to reduce the social
vulnerability of the network. Furthermore, in 2020, we
structured a protocol to provide support in the event of
calamities, focused on the wellbeing of the network of
Beauty Consultants, employees, suppliers and civil society.
We have evolved in this area to be able to act preventively,
acting before disaster situations occur.
3 - Education and citizenship
We focus our actions on providing training sessions and
communicating about the issue of climate change and
climate justice to ensure that our network of relations
understands these issues and can begin to act as agents of
change and support in their communities.
we have developed a strategy to address climate justice
and environmental racism based upon three axes:
Calamity Committee
GRI 203-1
The Calamity Protocol, structured as a guide for immediate
1 - Mitigation and adaptation
action by Natura in the event of crisis situations has already
We have developed the Socio-climatic Vulnerability
been enacted 20 times since it was created in 2020. Over
Index, to be able to create protocols, and prevention,
the course of the year, it worked in those regions that
remediation and adaptation plans. By means of this index,
suffered flooding, in Rio Grande do Sul, and those which
we map the regions at climate risk to be able to identify the
suffered record drought levels in the second half of the year.
vulnerabilities and prevent the threats that could harm our
A total of more than BRL 226 million was invested to provide
network of relations.
support for the communities in these locations.
87
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
In the case of Rio Grande do Sul, where we have
relationships with more than 80,000 People, including
Beauty Consultants and employees, we offered social,
medical and psychological support in the form of
telemedicine and a Social Support Center, as well as
financial support for the payment of debts and local
suppliers. We encourage our employees to volunteer,
and we donated five tons of warm clothing and
personal hygiene products worth BRL 10 million to the
Department of Civil Defense and UNICEF, as well as
water and logistics support. We have also created a
matchfunding campaign whereby Natura doubles
every Brazilian Real donated. By means of this action
R$ 900,000 was donated to support the affected people.
Amongst the actions developed to tackle the effects of
the droughts in the North, Northeast and Center-West
regions, we offered financial support, with the deadlines
for payment of debts being postponed and the provision
of food and water supplies. As a means of contributing
to tackling the depletion of the rivers in the Amazon
region, in areas where Natura’s supplier communities
operate, we have established activities involving the Ekos
Ryos perfumes: for each unit sold, we donate R$ 5.00 to
initiatives fighting the effects of the drought. As such,
R$ 180,000 was raised, which, once the counter entry
from Natura was included, was doubled to BRL 360,000
in funds donated to providing emergency services.
The Calamity
Protocol has
already been
enacted 20
times since it
was created in
2020.
88
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Management of biodiversity
GRI 3-3, 2-24, 2-25
The loss of biodiversity is a very real threat to the different
forms of life inhabiting the planet. We have adopted a
regenerative approach which combines the Climate
Transition Plan with human rights and the management
of biodiversity, privileging the sustainable bioeconomy.
We value and favor ecological processes, guaranteeing
maintenance of the ecosystemic services - with the
provision of water, land support, and climate regulation
– which are fundamental for the survival of people an the
productive systems.
The Sustainability Board manages the Biodiversity
Policy, with strategic targeting and monitoring by the
Sustainability Committee. Its scope covers our direct
operations and those of the value chain in relation to:
1. Science and Technology;
2. Formula and Packaging Development;
3. Relations with Traditional Peoples and Communities;
4. Ethical Sourcing with Regenerative Practices;
5. Benefit Sharing and Incentives for Ecosystem Services;
6. Purchase of Inputs from Private Producers or
Companies;
7. Direct Operations;
8. Communications and Marketing.
We focus first
and foremost
on a sustainable
sociobioeconomy
to support the
ecological
processes
and maintain
ecosystemic
services.
89
89
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
For management of plant-based and natural ingredients,
(TNFD). The aim of the application of the TNFD is
we use the system linked to the UEBT (Union for Ethical
to provide integrated and adaptable science-based
BioTrade) certification, and, for the socio-biodiversity
guidance, that will allow companies to evaluate and
chains, we also use the Natura GIS system to provide
publish their nature-related risks and opportunities,
monitoring and tracking services. To actively engage
employing an approach that is integrated with the
suppliers, we work through the Regenerative Alliance,
climate-nature relationship, and analysis of the double
the coalition that we support with the aim of increasing
materiality focused on the nature-related impacts and
the adoption of regenerative practices.
dependencies. This evaluation is being conducted with a
For our direct operations, we have an ambitious
Force on Climate-related Financial Disclosures) process.
environmental methodology, covered by the
For now, we are presenting our Declaration in relation
Integrated Management System Policy, to meet
to Natura (read more in the ‘Risk Management’ booklet)
the demands of the ISO 9001 (Quality Management
and we will be finalizing our evaluation of Avon Latin
Systems) and 14001 (Environmental Management
America by the second half of 2025.
view to taking an integrated approach to the TCFD (Task
Systems) norms, the latter of which includes the
adoption of a circular approach and the reduction
We have applied the ‘LEAP’ (Locate, Evaluate, Assess
and control of carbon emissions related to the
and Prepare) methodology to value chain, with the
manufacture, transportation and storage of products,
aim of reporting our impacts and reliances in relation
in line with the highest international standards.
to biodiversity based on recognized international
standards.
Risks and opportunities related to the
Natural Capital
Natura is committed to publishing the results of
In 2024, we continued to map the risks and
the mapping of risks and opportunities regarding
opportunities related to the Natural Capital, with
Natural Capital by 2025, in line with the Kunning-
the aim of following the guidelines set forth by the
Montreal Global Biodiversity Framework and our own
Taskforce on Nature-related Financial Disclosures
Commitment to Life.
90
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Participation in the COPs
Latin America has a central role in the climate agenda
and in relation to global biodiversity, especially
considering that the COP16 was hosted in Cali,
Colombia, and COP30 is to be held in Belém, Brazil.
These events represent strategic moments for the
region to consolidate its leadership in climate actions
and those related to biodiversity. Natura recognizes
the importance of these conventions in boosting
nature-based solutions and promoting a fair transition
to a low-carbon economy, in line with the Paris
Agreement. The integration of the biodiversity and
climate agendas, connecting the COP 16 and COP29 in
Baku, Azerbaijan is crucial due to the interconnection
between the two environmental crises.
At COP16, we emphasized the integration of biodiversity
perspectives into business practices. We actively participated with:
13
representatives
60
panels
2
agreements signed in support of
Amazonian socio-biodiversity
91
91
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Amazon:
innovation and
regeneration
GRI 2-29, 3-3, 203-1, 413-1
Our work in the Amazon region symbolizes our
Positive results
• Six years earlier than planned, we achieved our target of
establishing relations with 45 communities within the
socio-biodiversity, strengthening the sustainable chains
and the socioeconomic development of the region;
• We have built relationships with more than 10,000 families
in the Amazon region;
proposal to regenerate and prosper. The region is
• We use 46 bio-ingredients sourced from the Amazon
home to approximately 38 million people people,
the greatest biodiversity in the world, and a forest
that is essential for the climate balance of the
planet.
It represents our main platform for innovation
and for generating positive impact. In our
business, we prioritize the use of natural
ingredients and bio-ingredients, sourced,
primarily, from the socio-biodiversity of the
Amazon region. To obtain them, we work
ethically and directly with the local communities,
encouraging responsible agro-extractivism and
agroforestry systems, with sustainable and safe
management practices, whilst practicing the fair
and equitable distribution of benefits amongst
these partners. We also maintain an important
focus on payment for environmental services.
region;
• We developed 94 supply chains in the region, collecting
bioactives whilst respecting forest conservation,
the harvest calendars and the local ways of life, and
surpassing the target established for 2030;
• We shared R$ 48.5 million in resources with the
communities, with R$ 24.5 million relating to the
purchase of inputs extracted from the socio-biodiversity.;
• We contribute through inclusion of approximately 2.2
million hectares of protected forest;
• The Brazil nut chain was the first to receive UEBT
Regenerative Certification - five supplier communities
have received the certification. In 2024, 3.4% of our
ingredients held regenerative certification.
• Evolution in the development of the supply chains with
communities in Colombia, Peru and Ecuador.
READ ABOUT
our sustainability and human rights
activities as they relate to the value
chain in more detail in the Ethical and
sustainable supply chapter.
92
92
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
New Natura
Amazon Program
Since 2011, we have been running the Natura
Amazonia Program, which aims to transform social
environmental challenges into opportunities for
business and sustainable local development. The
program combines initiatives focused on mitigating
the effects of climate change and halting the loss of
biodiversity, using science-based targets.
In 2024, we proposed that the program should
evolve to position itself as a catalyst for an
ecosystem of regenerative business and solutions,
based upon innovation and traditional knowledge,
that will allow diversification of the operations,
increased impact, and the generation of wealth in
the region.
Under this new configuration, the program
is based upon three operational drivers for a
regenerative transition:
• Science, Technology and Innovation
• Strengthening communities and regions
• Ecoparks and new business
STRATEGIC LEVERS
Ecopark and
new business
Science,
technology and
innovation
Strengthening
communities
and regions
OBJECTIVE
To strengthen the
leadership position in
sustainable science
and technology in the
Amazon region, driving
the local ecosystem and
innovations which value
biological diversity,
local knowledge
and traditions, and
regenerative practices;
OBJECTIVE
To strengthen
and diversify the
operations and the
business model by
means of continuous
and expanded
innovation based upon
the bioeconomy
and nature.
OBJECTIVE
To promote the
Well-Being-Well
initiative through
the strengthening of
communities and their
regions, whilst making
the system more
resilient and scaling up
the impacts for all
(win-win-win).
93
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Supplier communities
GRI 2-6, 2-29, 413-2
25 years ago, we decided that one of our differentiating
features should be the use of natural ingredients and bio-
ingredients sourced from socio-biodiversity, principally in
the Amazon region, having been acquired and developed
with respect for both people and nature. As such, we
do not have operations which have significant negative
impacts on these supplier communities.
In relation to the Commitment to Life, we managed to
hit our target of extending our partnership to 45
agro-extractive communities (up from 34 in 2020) six
years earlier than planned. We shared R$ 48.51 million in
resources with the communities, with R$ 24.52 million
relating to the purchase of inputs extracted from the
socio-biodiversity. In 2024, our business impacted the lives
of 10,548 families.
In the Colombian Amazon region, we invested in the
development of the cupuaçu chain, with more than 78
families benefiting from the initiative, and plans under way
to also develop the buriti, murumuru, patauá and ucuuba
chains. Investment in the region was also boosted by
94
94
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
means of the agreement signed with the
One of the tools used to monitor our relationship
German Cooperation Agency (GIZ), ensuring the
with these stakeholders and identify opportunities for
sum of R$ 700,000.
improvement is the loyalty survey that is conducted
every two years amongst the supplier communities
More than R$ 225,000 was invested in machinery,
in the Amazon region. In the most recent survey,
reforestation and knowledge, thus driving the
conducted in 2023, the index measured was 48%,
production chains and supporting the Climate
suggesting a recovery to pre-pandemic levels. The
Transition Plan.
aim for the forthcoming cycle, planned for 2025, is to
In the Peruvian Amazon region, the development of
the cupuaçu, buriti and murumuru chains, benefits
Benefit sharing
surpass 50%. GRI 413-1
more than 2,300 people in three different communities
Natura also works on the longevity of the partnerships
(Parinari and Río Blanco-Iquitos, in the Loreto region, as
with the local agro-extractivist communities
well as the Madre de Dios region). More than 29 tons of
through the fair sharing of both monetary and
cupuaçu butter were exported to Brazil.
non-monetary benefits. We have remained adherent
to the Convention on Biological Diversity (CBD),
We also managed to receive recognition for our work
which determines that companieswhich use genetic
in the Pan-Amazon Region in the form of the Boscares
resources or the associated traditional knowledge for
Award for the Peruvian Amazon Award.
commercial purposes should return part of the benefits
generated to the traditional peoples.
We promote training to strengthen management
and organizational development, encourage good
Along these lines, we prioritize payment involved in the
management practices, and involve the communities
distribution of the benefit directly to the communities.
in our procurement policies, as well as human rights
By doing so, we aim to ensure management autonomy,
and safety at work (read about this in more detail in the
promotion of environmental conservation, and the
Latin America Databook).
sustainable use of biodiversity.
95
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Social bioeconomy
in practice
GRI 203-1, 413-1
Our presence in the Amazon region involves
projects and long-lasting and sustainable
relationships with the local communities.
Read about some of them below.
Agroforestry: Palm Oil AFS
The Palm Oil Agroforestry System (AFS), is a
partnership between Natura, the Brazilian
Agriculture Research Company (Embrapa),
the Tomé-Açu Mixed Agricultural Cooperative
(Camta), the United States Agency for International
Development (USAid), and the International
Centre for Research in Agroforestry (ICRAF). The
initiative follows the guidelines of the Roundtable
on Sustainable Palm Oil (RSPO) and the UEBT. It is a
nature-based solution for the production of palm oil
via regenerative agricultural practices. The solution
mimics the dynamics of a biodiverse forest.
The project was launched in 2008 and, in 2021, after
13 years of research, it began supplying the raw-
materials for the Biōme line of bar-shaped products
and plastic-free packaging.
96
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The Palm Oil AFS
will also have
a positive social
environmental
impact by
enabling carbon
sequestration,
increasing
climate
resilience and
doubling the
income of the
farmers.
In 2024, Natura signed a cooperation agreement
with the Department of Family Farming of the State
of Pará (Seaf ) as a means of moving ahead with the
project. This step forward meant that a partner was
brought into the initiative, demonstrating a strategic
commitment to the development of public policies
that involve the adoption of regenerative practices.
The project, that is currently in a phase of expansion,
covers 413 hectares through its partnership with
Camta (Tomé-Açu Mixed Agricultural Cooperative),
and is set to occupy 650 hectares during the
present 2024/2025 harvest year. We aim for 45,000
hectares to be occupied by a Palm Oil AFS by 2035,
based upon our own investments and those made
through partnerships with other companies and
institutions. The Palm Oil AFS will also have a positive
social environmental impact by enabling carbon
sequestration, increasing climate resilience and
doubling the income of the farmers due to the
greater diversity of producers, when compared to the
palm monoculture.
Association of Female Agro-extractivists
GRI 414-1
In 2024, we established a new relationship with the
Association of Female Agro-extractivists of Médio
Community Social
Progress Index (IPS)
We use the Social Progress Index (SPI) to measure
the social and environmental performance of the
agro-extractivist communities and regions where
we also operate to inform the Strengthening of
Communities and Regions aspect of our strategy,
based upon a model that combines environmental
conservation and regeneration with the
generation of revenue. The SPI was applied
to three territories in the states of Amazonas
and Pará (Juruá, Tapajós and Baixo Tocantins)
between 2015 and 2022, an initiative that involved
the collection of primary data. In 2024, we
revised and customized the methodology, with
the aim of making the collection more agile and
easier, allowing for a gain in scale for application
throughout the area in which we operate in the
Amazon region. The revised methodology was
applied in the form of a pilot scheme in four
regions (Juruá, Baixo Tocantins, Marajó and Acre-
Alto Madeira) in 2024, and is to be expanded to
the other regions as of 2025.
97
97
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
In 2024 we paid
R$ 1.9 million in
payments for
environmental
services to the
community,
preventing
68,000 tons of
greenhouse
gas emissions.
In total, the
Reca project
has already
prevented more
than 368,000
tons of CO2
emissions.
READ ABOUT
our team in more detail in
the ESG Scorecard and the
Latin America Databook.
Juruá (ASMAMJ), located in the municipality of Carauari
Amazônia Viva Funding Mechanism
(AM). By means of this partnership, we achieved our
This mechanism began operations in 2024, and
target of 45 communities in the Amazon region.
has raised BRL 21 million for the credit vehicles
[Agribusiness Receivables Certificates (CRA) and
Payment for Environmental Services
the Enabling Conditions Facility (ECF)], whilst also
Since 2016, in partnership with the Consortium and
involving the Vale Funding Fund, Good Energies
Densified Economic Reforestation Cooperative (Reca),
Foundation, Natura and the International Finance
based in Porto Velho (RO), we have been running a
Corporation (IFC) as investors. The project,
Payment for Environmental Services (PES) project
developed by Natura, in partnership with VERT
focused on carbon offsetting. This operates together
Securitizadora and the Brazilian Biodiversity Fund
with the Reca production chain and family farmers,
(Funbio), began with an operation that benefits 13
with a strategy designed to recompense the farmers
agro-extractivist cooperatives and associations in
for the efforts they make to conserve the forest and
the region, having a positive impact on more than
employ sustainable production methods in the farming
2,500 families.
of socio-biodiversity assets. In 2024, we paid BRL 1.9
million for environmental services, preventing 68,000
In 2024, as a means of strengthening the
tons of greenhouse gas emissions.
governance of the mechanism, we created the
Advisory Board, involving the participation of
In total, the Reca project has already prevented the
Natura, the Vale Fund, two representatives from
emission of 368,000 tons of CO2. Reca has had a close
relationship with Natura since 2001, focused on the
supply of capuaçu butter, and andiroba and Brazil
local communities and one representative from
wcivil society.
nut oils. The project has already seen BRL 7.8 million
All the cooperatives and associations that accessed
in payments for the creation of carbon credits, which
the CRA in 2024 received financial management
have positively impacted 270 families and conserved
support from a consulting firm. This contributed
2,650 hectares of forest area.
to there being no cases of default in the first year of
98
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
the initiative. At the end of the year, seven participants
returned to access the mechanism to fund their
harvests in 2025. Operation of the Funding Mechanism
is made possible by means of two principal instruments:
• The issuance of CRAs by VERT, which provides
agro-extractivist cooperatives and associations
with advance financing. The funds can be used as
working capital for the annual harvests, making
the operations more efficient and increasing
productivity.
• Enabling Conditions Facility (ECF), a fund
containing non-reimbursable (philanthropic)
financial resources created by Funbio. The aim
is to support initiatives designed to strengthen
the operational and institutional aspects of the
socio-biodiversity chains and address structural
challenges in the regions, providing specific support
for young people and women.
Over the coming
years, we estimate
that the Amazônia
Viva initiative will
boost economic
and sustainable
development in 16
regions, increase
the production
of more than 40
agro-extractivist
cooperatives and
associations, and
benefit more than
10,000 families
in the region
GRI 413-1
The aim of the Amazônia Viva initiative is to provide
the region’s agro-extractivist cooperatives and
associations with access to funding systems. The
objective is to strengthen the socio-biodiversity chains
and their territories in the Amazon region, based upon
a model that combines the generation of income with
environmental conservation and regeneration.
The issuance of debentures
strengthens the bioeconomy
In 2024, Natura became the first Brazilian
company to issue debentures tied to the
bioactives of the Amazon region. We raised
BRL 1.32 billion, with the International Finance
Corporation (IFC) contributing BRL 300 million,
and the Inter-American Development Bank
(BID) another BRL 200 million.
Under this model of debentures emissions,
in the format of sustainability-linked bonds
(SLBs), there are specific sustainability targets
attached to the funds. One of the leading
commitments is the development of Amazon
bio-ingredients. With the IFC and IDM as
investor, the contributions undergo a process
of rigorous due diligence, ensuring compliance
with international standards of sustainability
and ethics.
99
99
3
Brand and
positioning
100
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Twenty years ago, when I started working as a Consultant, very
few people had heard of Natura in Argentina. I remember being
in a class and nobody knew about the company. I was touched when,
many years later, the same university asked me to speak about our
practices. Natura has become the fifth most reputable brand in the
“
country and the first in direct sales. Seeing this sort of recognition
makes me very proud. And I was fortunate enough to experience this
transformation! This shift didn’t happen overnight - it was developed
consistently over time, with bold decisions and honesty. We are now a
benchmark company. Now we have a different challenge: to integrate
brands with different histories into the same ecosystem. Natura and
Avon are both very powerful, each one in its own way, having taken
different paths. This is not about integrating channels and brands,
but about expanding perspectives. The challenge is to transform this
multi-brand and multi-channel reality into a coherent movement and a
shared objective. The reputation we build now needs to grow together
with this new configuration. It is now time to build without losing our
strength, to integrate without losing our character. As one of our
leaders reminded us, we have a responsibility to demonstrate that
doing the right thing is the right way to go.”
VERONICA MARCELO
General Manager at Natura
Argentina
101
101
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Natura: innovation, sensory
experience and proximity
The year was notable for Natura’s growth in Latin
America, anchored in the strength of the brand
and driven by the multichannel presence which,
with a more robust value proposal, increased the
financial success of the Beauty Consultants. With
more than one thousand retail stores, the renewal
of the e-commerce and the digital tools available
to the Beauty Consultants, as well as inroads into
marketplaces (read more on this in the Omnichannel
p. 112), the brand is increasingly more connected with
the different consumer experiences.
Natura has reinforced its connection with its publics
by reviving the concept of Well-Being-Well, which
invites people to reflect upon their choices and their
relationship with themselves and the world.
To celebrate the 30th anniversary of Natura in
Argentina, we undertook a survey which revealed
that only one in three Argentines is fully connected
with their wellbeing.
Iza, a singer recognized for
her authenticity and energy,
represents the Natura Tododia
lines, promoting the value of self-
care and personal connection.
Her presence amplifies the brand’s
messages about wellbeing and
environmental responsibility,
thereby strengthening its visibility.
102
102
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The survey found that cosmetics and personal care
products provide a feeling of wellbeing for a quarter of
all Argentines, especially women and those engaged in
seeking it, demonstrating the potential of the routines
involving our products to provide this sense of wellbeing.
The Natura campaigns combine sensory experiences,
innovation and a cultural commitment, strengthening
the bonds with its consumers. The partnerships with
ambassadors such as Iza, Maisa, Endrick and the e-sports
team ‘MIBR’ (Made in Brazil), which communicate values
such as self-care and sustainability, reflect Natura’s
commitment to authenticity and diversity, reaching
numerous publics.
In 2024, as part of our anti-racism commitment, Natura
implemented an initiative in Brazil to guarantee ethnic-
racial representativeness in all our the brand, qualitative
and quantitative studies. Furthermore, we now ensure
that at least 50% of those participating in the campaigns
are Black: a commitment undertaken by both the Natura
and Avon brands. GRI 2-29
Maisa, an actress and influencer, is an
ambassador for the Tododia and Ekos
lines of perfume. With enormous Maisa
highlights sustainability and self-esteem
in her content, campaigns and events.
103
103
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The Sonora Natura brand
Produced in partnership
with Soundthinkers, this
brand reflects the nature
of the Amazon region
in sound. To develop
this, Natura explored its
history of connections
with nature and the
commitment to socio-
biodiversity, and selected
the sounds by capturing
the electrical pulse of
the trees native to the
Amazon region.
104
104
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Appreciation of diversity and
cultural identity
Natura made its mark on Rock in Rio 2024, as a
co-sponsor of the Sunset Stage, promoting shows
bringing together Brazilian and international artists
as a means of appreciating diversity and musical
innovation. The brand offered sensory experiences
with the Ekos, Humor, Faces and Fotoequilíbrio lines,
and launched a special collection of ‘Faces’ lipsticks
bearing the brand of the festival, thus increasing
the connection with the festival goers. Natura also
participated in Brazilian festival such as the Zepelim
Festival, Coala Festival, Frequências Preciosas and
Coquetel Molotov, bringing its experiences strategy
to a wide range of publics.
During the Círio de Nazaré religious festival, in Belém
(PA), Natura celebrated popular culture by sponsoring
the Varanda de Nazaré and Arrastão da Pavulagem,
highlighting the powerful role played by the music
and the Amazon traditions. For more than a decade,
the brand has invested in cultural initiatives n the
region, including support for 88 musical projects in
Pará, demonstrating its appreciation for the history
and future of the Amazon region.
105
105
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
30 years in Peru
In 1994, we opened our first office in the
district of Miraflores, in Lima, the capital of
Peru, with 160 Beauty Consultants.In 2019,
we launched our e-commerce business
and, in 2022, we opened our first store
in the Mall del Sur, in Lima. The Natura
Institute began operations in Peru in 2021.
We celebrated 30 years of operations in the
country, and we have a network of more
than 150,000 Beauty Consultants.
30 years in Argentina
In 1994, we began our operations in
Argentina, hit our target of 1 million
Consultants in 2009, and began local
production in 2010. In 2017, we launched
the e-commerce business and opened
our first store at the Unicenter. In 2020,
the country became Natura’s first 100%
digital operation and welcomed the
Natura Institute. We commemorated our
30th anniversary, with more than 300,000
consultants.
To commemorate Natura’s
55th anniversary, we
reproduced the brand’s first
store at the administrative
offices in Brazil. In the photo,
Luiz Seabra, one of the
founders of Natura, is looking
at a magazine from 1970.
106
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Principal launches
Tododia for hair
We announced our entry into the hair market with
the ‘Tododia’ brand, including products from the
hydration, nutrition and repair lines. The formulas
for the new items were developed from ingredients
such as Aloe vera, almond oil and avocado oil,
using our exclusive prebiotic technology, which is
already used in our body care products.
Ekos Ryos,
Ryo Vivo and
Ryo Chuva
Fragrances that imbue the skin with
the potent scent of the forest. These
products are connected to the Rios
Vivos initiative, which promotes a
sustainable chain of recycled plastics
amongst river-dwelling communities
and recycling cooperatives in seven
municipalities in the Amazon region.
Bothânica
Marking Natura’s entry into the
home products segment, this new
brand offers items such as massage
oils, liquid soaps, hand moisturizers,
aromatic candles and room sprays.
The principles of bio-innovation
are highlighted in the sustainable
packaging and in the high level of
naturalness, biodegradable and
plant-based actives, and the use of
pure essential oils sourced from the
Latin-American biodiversity in all
the formulas.
107
107
Premium perfumes
We entered this segment with the launch of a line
of ten products notable for their innovation and
versatility, with new features such as perfume in oil
form and the development of a Natura Perfume
Library, which catalogs the fragrances according to
the combination of global perfume components and
our own Latin-America sourced ingredients. Since
2004, the line has included the 505 Íris Priprioca, 679
Ambrette Copaíba, 740 Sândalo Breu Branco and 875
VetiverCapitu fragrances.
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
In 2024,
Natura
Musical
invested
R$ 8.4 million
in cultural
projects.
Natura Musical
The Natura Musical Program celebrated its 19th anniversary in
2024, investing a total of BRL 8.4 million, BRL 7.1 million of which
was in the form of its own funds and BRL 1.3 million via tax
incentive laws.
With more than 49 projects under way, special mention should be
made of the release of the Amaríssima album by the Bahian artist
Melly, which was nominated for a Latin Grammy in the category
of Best Contemporary Pop Album in the Portuguese Language,
and the documentary Mestras, which tells the story of four icons
of Pará music and was the first feature-length documentary from
Pará to be selected for the Gramada Film Festival.
Support was also provided to the Arrastão do Pavulagem cultural
event, which took place during the Círio de Nazaré religious
festival, and the release of Bagaceira, the new album by Dona
Onete, the queen of the ‘carimbó chamegado’ musical tradition.
The 20th anniversary celebrations of Natura Musical began with the
singer Liniker’s long-awaited CAJU tour.
The ‘Casa Natura Musical’, a theater we run in São Paulo (Brazil),
hosted 145 shows, welcoming 68,000 people. The funds raised
through tax incentive programs were directed to projects
sponsored by the Natura Musical Call Notice, including cultural
initiative initiatives in numerous states of Brazil. The funds were
directed to projects sponsored via the Natura Musical Call Notice,
sponsorship of the Casa Natura Musical, the festivals platform and
the management and dissemination of projects.
108
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Avon: focus and precision
to resume growth
In 20024, the brand focused on expanding its presence
and connecting with different social groups, maintaining
its commitment to the democratization of beauty,
innovation and inclusion. In terms of launches and the
modernization of its portfolio, Avon showed how aware
it is of new trends and the needs of different generations.
To attract the attention of Generation Z, the brand has
invested in its perfume portfolio, with the launch of LOV|U
Connected, a fruity, floral fragrance, and the relaunch
of the Far Away line, with a new visual identity, for Latin
America. Taking innovative steps, Avon adopted the use of
Artificial Intelligence (AI) in its publicity campaigns for the
relaunch of the Far Away line, creating original visual and
sensory experiences to provide an immersive feel for the
fragrances.
The brand has also remained focused on inclusion, as was
demonstrated by the revision of its portfolio in 2020, with
the collaboration of the makeup artists Daniele Damata,
resulting in a more inclusive palette with up to 20 shades for
Black skin.
consolidating its position as the leader in the Brazilian makeup
sector and expanding its reach in different channels.
Demonstrating the development of Avon’s multichannel
presence, we announced the brand’s entry into the Brazilian
physical retail sector in 2024, in the form of partnerships with
specialist beauty products stores (read more in the Omnichannel
Journey chapter), as well as inroads into marketplaces. All of this
has been added to the e-commerce and Relationship Selling
strategies to increase brand awareness, in line with the vocation
to democratize beauty.
Reinforcing our commitment to diversity and inclusion
In the sphere of strategic sponsorships, Avon has sought to
strengthen its connection with different regions and publics. For
the first time ever, the brand sponsored the Sou Manaus Passo
a Paço Festival 2024, with the aim of further strengthening its
connection with the people of the North, a region where it leads
the makeup sector. During the event, the Power Stay line was
given most attention, but the visitors could also experiment with
other products and receive makeup tips. Avon also sponsored
the launch of the “Essa é a Minha Cor” book, by the makeup
artist Tássio Santos, reinforcing its pioneering role in diverse and
democratic makeup, and expanding the discussion regarding
the fight against cosmetic racism in Brazil.
Avon continued innovating its accessible, high
performance makeup portfolio with the aim of
The brand was also the official sponsor of Afro Fashion
Day, demonstrating ts commitment to anti-racism and
109
109
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
highlighting its portfolio of makeups for all types and shades
of skin, with special focus on the Power Stay and Tratamake
lines. Another development which had enormous impact
was the announcement of Ivete Sangalo as the brand’s
new ambassador, reinforcing the singer’s long-standing
relationship with Avon and its identification with the
Brazilian people.
Avon is official sponsor of BAF Week
Avon sponsored the BAFWeek - Argentina: Avon was, once
again, the official makeup of BAFWEEK, Argentina’s most
important fashion event. The brand was led by the slogan
“EXPRESÁ TU BELLEZA”, noting the way recent beauty trends
have been heading, with fresh and daring ideas being
presented by the brands and designers on the catwalk.
As such, Avon, which promotes a form of beauty that is
more democratic and inclusive, sought to inspire people and
promote self-confidence. Especially in Argentina, makeup has
a close relationship with self-confidence: a study undertaken
by Sacateladuda and Avon revealed that, when makeup use
increases, the level of self-esteem rises, and vice-versa. It was
also found that 42% Argentinian women use makeup every
day, recognizing that this moment in the daily routines can
improve their image and provide a means of expression and
even act as an emotional trigger.
110
110
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Principal
Principais
launches
lançamentos
Power Stay liquid lipstick
Another high-performance lipstick was
added to the Power Stay line, produced
using the exclusive Powerflex technology
and notable for the comfort found in the
user experience, with 20 color options,
seven of which are brand new.
Moranguinho
The relaunch of the lip gloss, an iconic
product from the 2000s, forms part of the
Color Trend line. As well as providing the
chance for those who used the product
decades ago to nostalgically relive that
moment, the product sought to attract
Generation Z with its strawberry-shaped
packaging and sweet aroma. Available in
two styles, one cream and the other pearl,
Moranguinho moisturizes the lips and
gives them a rosy tint.
Avon Renew Power
The Renew line was
launched, offering creams
for the eyes, facial creams
and a replenishment serum,
employs our own exclusive
technology (Protinol)
that balances two types
of collagen, capable of
renewing millions of skin
cells in seven days.
111
111
Renovation of Far Away
With a wide range of fragrances recognized
by the consumer, Avon’s biggest global perfume
brand was relaunched, with activities, trips and
immersions with specialists, digital content creators
and opinion makers. We also launched a fragrance
(Far Away Shine) aligned with the new brand concept.
5
The
omnichannel
journey
112
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Our business began as a consulting space, but it was through
the franchise that we expanded our presence and started working
with other channels. Over time, we realized that the consumer was
changing as well - looking for flexibility, more options and new ways of
relating to the brand. And we started learning how to respond to this.
“
LIVIA COLÍN
Natura franchisee consultant
WhatsApp is now active in all the stores and we have been selling a lot
through this channel. We also level the prices with those on the site,
which helps us to remain competitive and ensure customer loyalty at
the physical store. Each channel plays its part. There are people who
prefer to settle everything with messages. There are those who prefer
to go to the store, try things out, and put together a present. And
then there are those who start out buying online, but then gradually
become a faithful store customer. This awareness, which comes from
the consultancy days, is still our biggest differential. Natura has always
encouraged us to pay attention to our own growth. We use Emana
Pay, which charges a lower fee, does not charge for rental of the card
machine, and has a specific service team exclusively for franchisees.
We also have courses, learning targets, management tools and digital
and financial literacy content. These courses involve far more than just
the product: they address emotional health, financial education and
service, and now form an integral part of our team’s routine. All of this
has helped to transform our store into a space that is much more
structured, professional and connected with what is truly important:
people.”
113
113
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Developing omnichannel
capabilities
Amongst the priorities of the Regenerate and Prosper
strategic planning cycle is the strengthening of the
path towards omnichannel capabilities. Our aim is
to interconnect the sales channels and create an
attractive brand experience in each of them; one in
which the customer can choose the path which is
most convenient for their needs.
As such, we are looking for a means of getting our
brands closer to the consumer, offering an integrated
and personalized experience in each of the channels:
in the Relationship Selling, the physical stores,
marketplaces and online. A true Well-Being-Well
Ecosystem.
This is designed to strengthen the business of the
Beauty Consultants, who receive innovative tools and
training that allow them to digitalize their work and
improve the fluidity and connection in their relations
with their customers.
Relationship Selling
Relationship selling is a powerful driver of prosperity
for millions of people, in particular, women. The
Beauty Consultants lie at the heart of this business
model, since they nurture relations with our end
consumers and deliver the products to them through
direct sales. In 2024, this working model celebrated its
50th anniversary.
We currently have 3.1 million Beauty Consultants,
including those who work under the integrated
model and those working in Argentina and Mexico.
This is an activity based upon entrepreneurship,
creating opportunities for the creation of income and
providing autonomy for thousands of women, whilst
allowing them to strengthen their relations with the
neighbors.
Over recent years, Relationship Selling has been
driven by digital relationship channels and the
commercialization of products. As such, it has been
possible to increase and strengthen contacts with
the consumers, customize offers, and personalize the
strategies.
In 2024, we
offered an
average of
In Latin
America,
we have
3.1 million
Beauty
Consultants.
114
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The productivity
of the Beauty
Consultants
improved 50%,
on average, in
the countries
where the
Natura/Avon
combined
model has been
implemented,
bringing
together the
brands’ sales
forces.
We have begun offering online versions of the
magazines that present the brand portfolios, as well
as ready-made advertising materials that can be
shared through social media. These materials are
developed using analyses of consumer interests and
artificial intelligence tools to personalize promotions.
The digitization of our business inserts the
Beauty Consultants into all of the company’s
other sales channels. They can, for example, create
their own digital stores. In 2024, there were more
than 1.3 digital million digital spaces, 75.2% of which
are in Brazil.
Wellbeing for the consultants
We base our relationship with the Beauty
Consultants on the commitments to creating a
decent salary and human development, by means of
a value proposal guided by the pillars of prosperity,
purpose and belonging. The Beauty Consultants’
Development Index (HDI-BC) was developed in 2014,
and based upon the methodology of the HDI of
the United Nations’ Development Program (Pnud),
which is designed to gauge the quality of life in
different countries regarding aspects that go beyond
economic performance. This gauging is structured
around three areas:
115
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
1. Knowledge, including analysis of financial education,
The HDI-BC also showed an improvement in the
digital inclusion and the exercising of citizenship;
index in relation to Black and mixed race people, with
2. Health, including access to healthcare services and
an increase of 4.4%.
lifestyle; and
3. Work, which, as well as demographic data, includes
The Beauty Consultants’ HDI in Hispanic America
positive and negative experiences and their impacts.
rose by 8.9% in relation to 2022, signifying the best
score ever recorded. Deserving of special mention
The survey is conducted every two years, allowing us to
are the advances made in the areas of Health and
evaluate challenges and recommend specific policies or
Labor, which rose in all the countries, driven by the
ways of improving the business model that can positively
results concerning access to healthcare services
impact the quality of life of those forming our network.
and positive labor experiences. With respect to
Our target, in line with the Commitment to Life, is to
Knowledge, there was a notable increase in financial
improve the indicator by 10% by 2030.
education in all the countries, digital inclusion in
Chile, Peru, Mexico and in the Argentina, and the
In 2024, we recorded the highest ever HDI-BC. Brazil
exercising of citizenship in Chile and Argentina.
reached 0.653 (on a scale of 0 - 1), showing an increase
of 3.3% in relation to 2022. The pillars which performed
Amongst the actions implemented in the areas
particularly well were: Health, especially in relation
with the best results are the consolidation of the
to lifestyle, which began improving again following
health and wellbeing strategy, offering free access
a drop during the pandemic; Knowledge, which saw
to telemedicine and psychological support services;
a significant rise in digital inclusion,a result of the
expansion of the lines used for monitoring breast
migration to online sales; and Citizenship. The areas
health in Chile, Peru and Colombia; and the progress
identified which require development and improvement
of awareness-raising performed in all the countries.
were in relation to the work experience, with reflections
In the area of Knowledge, it is worth mentioning the
on the perception of the work market as a whole,
personal finance and business training programs,
rather than solely on the quality of the work as a Beauty
the training sessions in the use of digital tools, and
Consultant.
scholarships for the conclusion of secondary school
and technical, technology and vocational courses.
10 years
Beauty
Consultants
HDI reached
its best
historical
result,
growing by
3.3% in Brazil
and 8.9%
in Hispanic
America
compared to
2022.
116
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Education
GRI 203-1
The Beauty Consultants have access to training,
qualifications and full-time education initiatives,
with the aim of ensuring them autonomy and a
means of earning an income, combining personal
and professional growth. The main themes of the
courses offered are related to the technical aspects
of their work, digitization, knowledge of the products,
financial education and positioning, socio-emotional
skills, and an understanding of the causes promoted
by our brands. The actions designed to develop
the Beauty Consultants are structured around four
strategic pillars: training on sales techniques and
management of the business; digitization and
omnichannel capabilities, to ensure effective use of
digital tools; an in-depth understanding of the Natura
and Avon portfolio of products; and the development
of leadership and communication skills. In the area
of education and digital inclusion, we also have the
“Planning My Future” program, in which we have
invested in technological training for the Beauty
Consultants’ children. The training sessions are
provided on the NaturAprende, and Natura and Avon
School platforms, YouTube channels and initiatives
distributed via WhatsApp. Each channel has specific
gauging tools and metrics.
117
117
At NaturAprende the participation in events and
workers provide health services for the Consultants.
courses, downloads of materials and certifications
The professionals assess the context and refer
obtained are all analyzed. WhatsApp allows us to
them to the free specialized services we offer:
monitor the rate of conclusion of the courses sent
telemedicine, psychological counseling, as well
out, whilst YouTube provides information on the views
as confidential support in the event of domestic
and engagement levels. In 2024, more than 380,000
violence, offering monitoring, legal advice and
consultants were trained in Latin America.* The rate
even financial assistance for food, and medical
of engagement is gauged by the users’ evaluations of
expenses. In relation specifically to the fight against
the content offered on the platform, using a scale of 1
breast cancer, the work focused on guidance and
to 5, with average ratings of 4.3 to 4.9.
monitoring of breast health was extended to Chile,
In 2024, we recognized and appreciated those
aimed at early detection were also undertaken in all
Beauty Consultants who worked as social mobilizers,
the countries.
Peru and Colombia. Awareness-raising initiatives
strengthening the support networks and leading
their communities in our Welcome - Together We
Transform Program.
Health
The Health dimension grew in all the countries in
Income
In 2024, we recorded a 38% increase in the
consultants’ income in Hispanic America, the result
mainly, of the gains in productivity obtained in
Mexico and Peru. There was a 22.9% rise in Brazil,
which we operate in 2024. Amongst the actions
compared to 2023 - significantly higher than the
implemented on this front, special mention should
country’s official rate of inflation (IPCA), which was
go to the consolidation of the Beauty Consultants’
4.83%. These actions confirm the real gains and
health and wellbeing strategy. These include
measurable impacts achieved in the lives of the
programs that encourage the self-care, socio-
consultants.
emotional development and self-esteem of those
who form part of a business and impact network.
We provide a Social Support Center where social
FIND OUT MORE
about the indicators relating to our impact on
the Beauty Consultants in the ESG Scorecard
*The data do not include those countries which have not undergone the business integration process.
118
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Retail
The growth of the retail operations continued
to accelerate in line with what had been seen in
previous years. In 2024, we saw an increase of 15.4%
in the Natura store base, reaching a total of 1,076.
Of these, 1,008 are in Brazil, 145 being own stores
and 863 franchises. In the other Latin American
countries, we have 68 Natura own stores, with 40 of
them in Chile and
the others in Argentina, Colombia, Mexico and Peru.
The expansion of the retail area is a branch of the
omnichannel strategy. In addition to being spaces
where the customers can be served and have an
experience, the stores can operate as a location
where the customers can pick up their online
purchases by means of the “click and collect”
option. It is also possible to undertake “ship from
store” operations, in which the customer makes
a purchase on the e-commerce channel and
the closest store sends the product out, thereby
reducing the time spent waiting for the delivery.
In 2024, we saw good results in customer
satisfaction in those stores evaluated by the retail
Net Promoter Score (NPS), obtaining 93 points,
meaning an increase of 2.2% in relation to 2023.
Launch of retail
channel in Colombia
In 2024, we inaugurated our first three physical
stores in Colombia. The stores are located in
shopping centers with a lot of movement in Bogotá.
The aim is to continue advancing to establish a
network of units in the biggest cities in the country,
introducing more Colombians to the Well-Being-
Well experience.
The third store, located in the Fontanar Shopping
Center, was developed for the customers to enjoy
unique rituals; in a special space, customers are
presented with the concepts of care, connection and
respect for the Amazon region.
Avon enters beauty store retail
In a groundbreaking act for the brand in Brazil,
Avon entered into partnerships with Soneda Casa de
Beleza and Bel Cosméticos for the sale of its products
in physical stores. These partnerships make facial,
body and hair care products available, as well as
makeup, from the Power Stay, Color Trend, Avon
Care, Renew and Advanced Techniques lines.
119
119
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
E-commerce
We strengthened our e-commerce in 2024, with
Presence in marketplaces
With a strategy designed to complement our own
growth of 19.7% Y/Y in 4Q24, also benefiting from
e-commerce, the presence of the Natura and
the launch of the new digital platform on the brand’s
Avon brands in marketplaces in 2024 increased the
website in Brazil in 2Q24 and the strong performance
customer’s omnichannel experience. In January,
of Natura Friday.
Natura opened a pilot store for the Chilean market
on Mercado Livre, the biggest electronic trading
The acceleration of the digital transformation in
platform in Latin America. The experience was
Latin America was in part due to the presentation
replicated in Brazil in October, and this was followed
of a new experience on the online sales channel,
by the opening of an Avon brand store in December.
with more information on the product and easier
navigation. The new platform also provided sales
integration solutions both in the area of e-commerce
WhatsApp sales in Argentina
Natura launched its first online sales channel on
and on social media, as well as improved connection
WhatsApp for mass consumption in Argentina, a
with the Beauty Consultants. We use a modular and
country where the app has around 35 million users.
scalable digital architecture, which is capable of easily
This tool operates as an personalized assistant,
personalizing page components which enrich the
developed using AI, allowing consultants to advise
digital experience, based upon artificial intelligence.
and accompany the end consumer over the course
of the purchase. The operation is performed entirely
within the app.
120
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Bluma
In 2024, we launched a beauty and wellbeing services
platform for consumers and companies: Bluma. This is a
pioneering initiative amongst cosmetics brands in Brazil
and is already available in Greater São Paulo, Rio de Janeiro
(RJ), Belo Horizonte (MG) and Brasília (DF). Customers can
access this new feature by means of an app, which can be
downloaded through the App Store or Play Store.
Bluma connects our consumers to specialists in beauty
and wellbeing services. The app allows customers to book
nail, hair, massage, makeup, waxing and beauty services
sessions. The professional visits the location chosen by the
customer. The cities of São Paulo and Rio de Janeiro also
have spaces called ‘Casa das Artistas’ which offer training
and spaces where the consultants can relax, recharge their
mobile devices and sterilize their equipment.
By means of Bluma, we are prioritizing our customers
as well as the generation of value for the specialists, as
the professionals registered on the platform are referred
to, promoting professional development, generation of
income, standardization of the services, and bio-security.
121
121
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Emana Pay
GRI 3-3
The financial services platform, Emana Pay, was
fully established in 2024 as a tool which the Beauty
Consultants can use to increase their productivity and
profitability. The digital account offers services such
as bill payment, cellular phone top-ups, tracking and
In 2024, we offered
an average of
Emana Pay was
implemented
in 100% of
Natura’s own
stores and
in 60%
of the
franchises
management of orders placed, purchase vouchers for
customers, as well as financial education tools.
Emana Pay enables the management of payments
for sales, by means of Pix or TED services, and creates
a link for payment in up to 12 installments, with rates
that are below the market average. We ended 2024
with more than one million active accounts and a TPV
(Total Payment Volume) of more than BRL 60 million.
More than 31 million Pix instant payment transactions
have already been made by means of the platform.
Currently only available in Brazil, Emana Pay has been
implemented in 100% of Natura’s own stores in the
country, and 60% of the franchises managed by
Beauty Consultants.
The impact for the Beauty Consultants is very positive.
Those who make use of the platform have an average
of 20% more sales than those who prefer other
methods of payment. Furthermore, more than 80% of
the accounts show a constant increase in revenue.
122
122
5
Transversal
innovation
123
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
My journey at Natura was built layer by layer. I started in Quality,
learning the technical rigor and the responsibility of ensuring what
touches someone’s skin is safe. Then, I dove into Product Development.
With every ingredient and decision, there was always the care to
deliver on our promises. Transforming science into experience
“
has always been part of the challenge — combining precision and
sensorial delight in every formula, without compromising on safety,
pleasure, or the impact we generate. Later, new questions arose: how
can we use less water? How can we reduce carbon? How do we care
for the planet and its people? How can we create less waste, choose
more natural ingredients, and design holistically — from formula to
packaging? Today, I work directly with the consumer. And I’ve realized
that innovation only comes full circle when I listen to those who use
our products. Because true listening opens up paths that no lab test
can reveal alone. These are stories of affection — memories triggered
by a scent, a touch, a simple gesture. They help me understand that
real innovation is born from this dialogue. It’s in real use, in everyday
care, that innovation shows its true strength. And today, with the help
of technology, this takes on a new dimension. I can cross-reference
hundreds of responses, identify patterns, and uncover what truly
moves people. Artificial intelligence helps me read between the lines.
And the more I listen, the clearer it becomes: the kind of innovation
I believe in is this — grounded in science, but also in emotion; guided
by data, but inspired by human connection.”
124
124
ROSA FRIEDLANDER
Consumer Research
Scientist
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Transversal Innovation
GRI 2-29
have reaffirmed our commitment to scientific innovation
by operating as a Master Science Sponsor at the IFSCC
2024, the world’s biggest scientific cosmetology congress
Natura has adopted a comprehensive and multifaceted
which was held in Brazil for the first time. At the event,
innovation strategy. As such, 9.7% of the employees
we launched a scientific call notice to support Brazilian
focus on innovative projects in different areas, from
researchers working on lines of study connected to
integration of the operation of the brands to the
Natura, granting 20 registrations and financial support
developments of products, passing through evolution of
for three applicants selected from the North and
the omnichannel journey, cultural innovation and data
Northeastern regions of Brazil. We sponsored another
management, the incorporation of technologies, open
edition of the Deep Tech Summit, during which startups
innovation and new business.
took part in an immersion experience at our Innovation
Open and collaborative innovation
GRI 2-29
Center at Cajamar. We believe that the support for
scientific events strengthens the scientific and technology
ecosystem in Brazil and connects us to innovative lines
of research that are both aligned with our values and
Natura believes in the power of open innovation as a
drive science-based innovation for sustainable and
driver for transformation for connection with innovative
technological solutions.
talents and ideas. To achieve this, we have developed
various ways of interacting with the innovation
ecosystem as a means of embracing its diversity.
Natura Campus
Through the Natura Campus program, we have
Natura Startups
The Natura Startups program, created in 2016, and based
upon the venture client model, provides us with the means
of finding innovative solutions, via Startups, to meet our
business challenges, whilst promoting mutual growth.
been continually investing in collaboration with
Natura Startups also works as a driver for the culture
the innovation ecosystem since 2016. In 2024, we
of innovation by means of engagement actions and
sponsored the ANPEI Conference, where the company
training aimed at the employees. Find out more about this
presented its digital innovation initiatives focused on
network that is committed to generating a positive social
sustainable development in the Amazon region. We
environmental impact through innovation here.
125
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Natura Ventures
In 2024, we launched Natura Ventures, a fund for investment
Natura Innovation Challenge
The launch of the third edition of the Natura
in startups, with initial funding of BRL 50 million contributed
Innovation Challenge, in 2024, took place as
during the first three years of the operation. We will support
part of the official programming of the South
the development of regenerative solutions that can be
by Southwest Festival (SXSW). The challenge
implemented into our value chain and corporate network.
focused on carbon offsetting and attracted the
The fund’s portfolio will include up to 15 startups over the
participation of 130 startups from 23 Brazilian
course of its ten years in operation, with the contributions
states. Twelve hours of individual mentoring were
planned at between BRL 2 million and BRL 10 million,
provided and four startups were chosen, each of
depending upon the maturity of the solution or the startup,
which offered business solutions that supported
the implementation of carbon offsetting projects:
VerdeNovo, Canopy, Bioverse and LandPrint.
and the region in which it operates.
The initiative focuses on four investment fronts: Regeneration
and circularity; Prosperous cycles for the beauty consultants
and professionals; The end customer’s connection and
experience; and Transformation-enabling technologies. In
2024, Natura mapped and evaluated 291 startups to select
those most suitable for investment. The first contribution was
made to Abbiamo, which has been a partner since 2002. The
technological verticalization solution is focused on increasing
logistics efficiency,reducing product delivery times
and improving the customer’s experience.
126
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Innovation in
Technology and Data
Transforming the Culture
and Driving the Future
We have adopted ethical guidelines for the use of AI
and, in Brazil, we have an AI Committee, with plans
to expand it globally. We monitor the evolution
of the related legislation and promote dialog
At Natura, innovation goes beyond simply adopting
with our stakeholders through training sessions
technologies; it resides in the transformation of
and communication actions on the benefits and
the culture and training of people to extract the
challenges of AI.
maximum potential from the data. We believe that
true innovation occurs when we democratize access
to technology, accelerate decision-making, empower
our network, and have a positive impact on society.
The Data and Analytics (D&A)
strategy
We have established an operational model -
‘Hub-Spoke’ - aimed at accelerating the use of data
AI has become
an enabler of
productivity and
boosts creativity.
We are consistently investing in models that
in the business areas. The Hub incorporates data
decentralize operations, accelerate innovation and
engineering, the solutions team, a scientists’ Center
multiply analytical capacity, with guidance from
of Excellence, and data management. The ‘Spoke’,
a strong governance structure. Evidence of this
meanwhile, refers to increased capacity in the
transformation was the adoption of the Gemini
business areas involving the data owners and data
for Google Workspace technology, democratizing
citizens who work in squads together with the
Artificial Intelligence (AI) for all the employees. From
Hub specialists.
everyday tasks, such as making notes and creating
presentations, to more advanced applications, such
Our strategy is based upon four fundamental pillars:
as generating images, constructing assistants or
Data Expansion: Structuring of a comprehensive
creating podcasts with the NotebookLM technology,
and accessible database focused on democratic
AI has become the go-to tool for increasing
technology. Our data lake covers multiple data
productivity and boosting creativity.
domains, allowing holistic and in-depth analyses.
127
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Data Care: Robust data management, with the clear
definition of roles, operating rules and a structured
environment that guarantees security, reliability and
integrity in the use of data.
Data4All: Democratization of access to the
knowledge and use of data, by means of formal
training, podcasts with specialists and a testing
environment involving self-service analytical tools,
promoting data literacy and analytical agility.
Natura AI: Dedicated to Artificial Intelligence, with a
special focus on the optimization of efficiency and
value creation. We see AI as a strategic asset that is
transforming the Natura network and driving our
business indicators.
We recognize that the ability to transform data into
actionable insights can provide a crucial competitive
advantage. As such, we are constantly investing in
developing the organization’s D&A maturity, simplifying
the analytical environments, increasing access to
data and boosting the use of AI for the creation of
products and services with a difference. In 2024, we
made significant investments designed to accelerate
this initiative, involving both the adoption of platforms
with embedded AI and also development of our own
solutions.
MAIA - Natura’s generative
Artificial Intelligence
The aim of Natura’s AI strategy is to apply
generative AI (GenAI) to resolve problems
and take advantage of opportunities. ‘MAIA’
(‘Artificial Intelligence Analytical Model’), our
generative AI, operates as a hub for numerous
AI agents. It is used to provide assistance to
the Beauty Consultants, offering sales support,
increased credit limits, payment processing,
and consultation on orders in a natural form
of language. The results include increased
satisfaction (NPS), cost reductions, and
greater resolution of cases upon first contact.
Internally, the MAIA is used in the legal and
personnel management departments, for
example, supporting AI literacy. Natura’s AI
strategy is supported by cloud technologies
and Large Language Models (LLM).
128
128
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Research & Development
We have a multi-disciplinary R&D team, made
the vocations and cosmetic benefits of the
up of specialist researchers with an extensive
proprietary bio-ingredients.
understanding of matters including biodiversity, and
skin, hair, and microbiota science, and data scientists
This work is performed as a means of reaching
and professionals focused on the development of
different profiles of the public and studying
new methodologies, formulas and packaging, using
the different types of hair and skin tones, with
advanced, world-class scientific techniques.
encouragement for diversity and inclusion in
the development of products. We consider
In 2024, we presented and were recognized for
generational, ethnic, cultural and socioeconomic
the project classified as one of the “Top 10 applied
aspects. This practice has also influenced our
research papers” by the IFSCC International Congress,
partners network, by including more diverse
which brings together the biggest global players in
publics in the testing panels. By doing so, we
cosmetics science. These employees work to create
are ensuring that the performance of the
new technologies and high-performance products
products is proven and the sensory, wellbeing
based upon the concept of regeneration, with proven
and effectiveness benefits are suitable for a wide
humane and environmental security.
range of social groups.
We use machine learning, big data and artificial
Our research work also employs methods which
intelligence to optimize the processing of information
dispense with the use of testing on animals. For
in R&D. Aligned with our strategy, we have expanded
Natura, this is both a directive and a strategic choice.
the use of AI and data to accelerate our technical
We employ a technological platform based on data
decisions and make them more assertive. In 2024,
science to move forward with regard to integrated
we leveraged analysis flow in omic technologies,
approaches that are capable of supplying the
involving structured data bases and artificial
highest possible volume of information for safety
intelligence computational models to assess
assessments of proprietary raw materials.
In 2024, Natura
registered
15 patents
and 10
industrial
designs
with the
International
Patent
System (PCT).
129
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Continuing with this logic, in 2024, we implemented
Artificial Intelligence models to forecast security
guidelines on natural ingredients. We hold the
“Leaping Bunny” seal for both our brands as part
of our commitment to not perform product or
ingredients testing on animals - Avon, specifically,
was awarded this honor globally in 2024.
We also prioritize the use of vegan ingredients in our
products. Currently, the only non-vegan ingredient
still present in the Natura portfolio is beeswax, used
mainly in make-up, but even this is gradually being
substituted. In 2024, we managed to ensure that
97.2% of the Natura portfolio was vegan.
Safety of our products
GRI 416-1
The commitment to safety can be found in all
the stages of product development, in rigorous
compliance with the applicable domestic and
international legislation. Furthermore, to ensure
transparency and technical accuracy, Natura
has adopted global benchmarks to monitor the
ingredients used.
Natura evaluates all of the 11 products and
services categories regarding the impacts on the
health and safety of the consumers, ensuring
that all the items sold are rigorously analyzed
and improvements constantly implemented.
These evaluations ensure that the formulas only
include ingredients considered to be safe, in line
with the most up-to-date scientific criteria.
130
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Kaiak Sonar:
multi-sensory innovation
A new idea, a new technology, and a new form of
Far Away:
AI working with perfumes
In 224, Avon relaunched the Far Away line of
communication. Innovation forms an integral part
perfumes, the brand’s best-selling product.
of the entire Kaiak Sonar Research and Development
The campaign involved images that uniquely
process. The men’s and women’s versions of the
interpret the fragrances, incorporating AI-
fragrance have been developed using the VibraScent
generated movement and textures.
technology, created by Natura, which interprets the
sounds and colors of the sea, recorded during the
The aim was to present the feelings
Schurmann family’s Voz dos Oceanos expedition, in the
experienced when smelling each Far Away
form of a fragrance. The idea was to find ingredients
fragrance. An artificial intelligence tool
that vibrate at the same frequency as the waves, sea
was provided with the observations of the
animals, and the wind in the sails.
influencer Rica de Marré, who described her
feelings when trying the five different versions
The 2024 launch involved the creation of Espelho
of the product. The tool created a visual and
d’Água, a song composed by Russo Passapusso, sung
sensory immersion as an innovative way of
by Josyara, and produced by BaianaSystem. The song
experiencing perfumes.
also reflects these vibrations, transforming the entire
R&D and dissemination process into an innovative
kinesthetic project.
131
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Tododia Jambo Rosa and Flor de Caju:
innovation with diversity
One of our launches in 2024 is an example of the view
we take regarding diversity as well as the new approach
taken to innovation at Natura. The new body care line
‘Tododia Jambo Rosa e Flor de Caju’, is the result of a
R&D project that involved the survey of more than two
thousand women and tests on more than 120 skin tone
variations, all of which was performed over a period of
approximately six months.
We took a psycho-social approach which ensured the
wellbeing of the Black woman. A survey was developed
to map habits and behavior, which highlighted the
specific needs of this group. The project provided
indicators and ideas for the creation of a range of
products that includes nourishing exfoliants, ultra
nourishing body crème-oil, tone-evening butter, body
cream and body brightening gel.
For the following stages, in preparation for presentation
of the line to the market, Natura hired the ‘Indique uma
Preta’ consulting firm to develop a campaign centered
on race. We also established a partnership with the
Black Influence agency, to provide support for the
launch planning.
Studies for
development
of the line were
performed on
more than 120
skin shades.
132
132
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Bioinnovation and
the Amazon region
GRI 3-3
Our R&D teams work together with Amazon socio-
biodiversity extractivist communities in four countries
in the region - Brazil, Colombia, Peru and Ecuador.
In its 25 years of operations in the Amazon region,
Natura has developed 46 bio-ingredients and aims to
develop 55 by 2030, thus optimizing our relationship
with the communities and our ability to generate
income and have a positive impact in the region (read
more in the Regenerate and Prosper chapter).
To achieve this, we have installed the ‘Natura
Amazonia Innovation Nucleus (Nina) at the Ecopark,
our industrial complex located in Benevides, in the
Brazilian state of Pará. It includes researchers, field
teams and a bio-refinery for developing processes to
obtain extracts, fixed oils, butters and essential oils
from Amazonian biodiversity. The Federal University
of Pará (UFPA), Embrapa and the Colombian Sinchi
Institute, are all partners in Nina.
Packaging and circularity
GRI 3-3, SASB CG-HP-410a.1, SASB-CG-HP-410a.2
We have announced public targets that involve the
development of technological solutions designed
to reduce the environmental impact of our product
packaging. Developing innovative ideas that increase
the use of reusable and recyclable materials, and
the availability of refills, whilst allowing for the least
generation of waste possible (and consequently fewer
emission of greenhouse gases), is one of the exes of
the Commitment to Life, mobilizing management and
monitoring by means of indicators.
The launch of the Natura Ekos Brazil Nut Concentrate
is one example of the efforts made in this area by
our R&D team, which worked on concentrating the
formula to be able to offer a product with a lower
environmental impact and an enjoyable moisturizer
preparation experience for the consumers. Natura is
also a pioneer in refills for cosmetics, having adopted
this model more than 40 years ago.
The level of use of reusable, recyclable or compostable
materials in the packaging in 2024 was 84.6%, taking
into account the consolidation of the Natura and Avon
brands in Latin America, a little below the 2023 level
133
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Our
consolidated
post-
consumption
recycled plastic
index for Latin
America is
18.2%.
The reusable,
recyclable or
compostable
materials
indicator was
84.6%.
which stood at 87.8%. For the Natura brand, this
indicator was registered at 84.1% and 85.7% for Avon,
Circular economy and innovation
in 2024.
We have an environmental calculator involved in
our packaging strategy, allowing us to prevent
and measure the impact of different materials
and design options. We perform periodic detailed
diagnoses of the packaging portfolio to identify
those products with a higher environmental impact
and define mitigation strategies. This analysis
includes the composition of the materials and the
possibility of substituting them with alternatives
with less impact, size improvements to reduce the
consumption of resources, and compatibility with
current recycling systems.
In those cases where technical or safety restrictions
prevent the use of recycled materials, we evaluate
the use of alternatives from renewable sources, such
as Green Polyethylene.
In the MRPC index, the Avon brand achieved a
percentage of 2.4%, For the Natura brand products,
we achieved 12.5%. The consolidated figure for Latin
America came in at 9.5%.
SASB CG-HP-410a.1, GRI 301-2
In 2024, we took important steps forward in the
management of the circular economy with the
increased incorporation of recycled materials in
our portfolio. This has allowed us to not only reduce
our dependence on virgin resources, but also
strengthen the local recycling chains and generate a
positive social environmental impact.
We monitor the volumes of waste recovered in
all the countries in which we operate, so that the
materials will be included in new product and
packaging manufacturing processes.
In 2024, Argentina saw the beginning of the local
production of the Tododia line of body creams,
using recycled PET which is collected entirely in the
country, thus ensuring standards of manufacturing
quality that the brand already offers in Brazil. In
the first stage, it was possible to recover 90 tons of
plastic.
In Peru, Natura forms part of the Recicla+ program,
that involves 11 cities. Natura plays an active role in
the Resimple initiative, in Chile, and the Visão 3030
134
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
initiative, in Colombia. In the latter, the collection targets
As part of the program, we perform audits on our
were surpassed in 2023 and 2024. In Mexico, where
suppliers to check compliance with the requirements
there are no formal cooperatives, the operations are
relating to organizational management, social and
performed by individual collectors. GRI 413-1
environmental responsibility, transparency in the
Natura Elos
GRI 301-3, 308-1
management of resources, respect for human rights,
safety conditions in the operation of machinery,
environmental legislation, and health, safety and
Since 2017, the Natura Elos Program has promoted
comfort in the workplace.
a network of shared responsibility that unites the
company, cooperatives, recyclers and manufacturers
The program is concentrated mainly in Brazil and
in a commitment to reverse logistics and the recycling
Mexico, but cooperatives in all the countries in Latin
chain. More than simply a link between these fronts,
America are subjected to audits to ensure proper
the initiative ensures the traceability of the recyclable
work, administrative and environmental practices.
materials, monitoring their journey, from collection to
It is important to stress that, in Mexico, there are no
transformation into new packaging.
cooperatives, with individual urban waste collectors
performing the work. GRI 413-1
Our focus is on ensuring a sustainable ecosystem for the
supply of post-consumer recycled material.
In 2024, we invested BRL 1,014,173 in Elos, with
The activities involved in Natura Elos include:
R$ 633,094 going towards direct support and
• support for the training of suppliers, for
R$ 381,079 to indirect support.
professionalism and leadership throughout the
chain with a view to fulfilling high standards of
The direct investments focused on the reconstruction of
compliance and good practices;
cooperatives affected by fires, the respectable inclusion
• development of waste collection cooperatives; and
of individual waste collectors in the production chain,
appreciation and recognition of the service that these
and the structural improvement of the units to increase
workers provide for society.
productivity. In addition to this, financial incentive
In 2024, we
invested
R$ 633,000
in directly
supporting Elos,
and R$ 381,000
in indirect
support.
135
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
mechanisms were implemented to improve the
screening and professionalization of the PET chain.
The indirect funds were directed to strategic consulting
firms, partnerships with startups, and initiatives
aimed at increasing the circularity of the plastic. We
encouraged cooperatives to register in fund raising
call notices, contracted a healthcare benefits platform
for the waste collectors, and enabled investments in
Sitawi’s Rios Vivos (Live Rivers) Fund, which is focused
on the development of post-consumption sustainable
chains in the Amazon region.
Rios Vivos
We have continued with a special initiative in the
Amazon region, as part of the Natura Elos Program,
called the ‘Rios Vivos’ project. Through this initiative,
In 2024, 56 supplier cooperative participated, involving
we work to mobilize river-dwelling communities in
2,567 waste collectors in the projects, and we recovered
the states of Amazonas and Pará to collect plastic waste in the forest,
15,385 tons of post-consumer packaging material at
communities and urban districts on the banks of the rivers in the region.
Natura and Avon.
GRI 203-1, 301-3
The majority of plastic that is in the oceans is currently transported there by
rivers. In South America, the Amazon river basin is the main path taken by
these materials on their journey to the sea.
The Rios Vivos project is aimed at reducing this pollution and generating
a positive impact for those participating in the initiative, combining
environmental and socioeconomic aspects: ten river dwelling communities
and four cooperatives in the region have been mobilized in three
municipalities in the Amazon region, impacting more than 550 families. In
2024, we launched the Ekos Ryos line, with Ryo Vivo and Ryo Chuva products.
This innovation is connected to the Rios Vivos initiative through the bottle
caps, which are made from 100% recycled materials, collected from the rivers
of the Amazon region and their neighboring lands.
136
136
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Benevides Recycles
A new partnership between Natura, the Municipal
The intention is to strengthen the role of the local
Government of Benevides in the Brazilian state of
cooperative as a supplier of recycled materials within
Pará and the Espaço Urbano NGO, led to the creation
the Natura value chain.
of ‘Benevides Recycles’, a reverse logistics program
focused on recyclable materials. The initiative,
To boost environmental education and engage
launched in 2024, aims to increase the quantity
the public in the separation of recyclable waste,
and quality of the waste sent for recycling in the
the Benevides Recycles program transforms these
municipality, whilst at the same time boosting the
materials into Humanitarian Tokens. These can be
creation of revenue based upon these materials.
exchanged for food, hygiene products or clothes, or
cultural, tourist or sports products.
The waste from Natura’s Ecoparque is being donated
to cooperatives. Furthermore, awareness-raising
actions are undertaken aimed at mobilizing the public
to dispose of waste properly. As part of this process,
we offered support for the structuring of selective
waste collection, and provided training for the waste
collectors and cooperative in the municipality,
meaning they are now able to receive the items
collected in the correct manner.
Representatives
from Natura,
the Benevides
City Hall, and
the NGO Espaço
Urbano during the
launch event of the
Benevides Recicla
program.
Credits: Mariana Almeida / Cabron Studios
137
137
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Recycle with Natura
In 2024, we continued with the Recicle com a Natura
Coffee capsules transformed into
sustainable cosmetics packaging
(Recycle with Natura) reverse logistics program.
Natura, by means of the Natura Ekos line of products, has
This initiative establishes collection points at which
partnered with Nespresso to develop a circularity initiative.
our consumers can dispose of the packaging used
10% of the aluminum in the packaging of the Ekos Brazil
in our products. All of our stores in Argentina, Peru,
Nut hand moisturizing cream is extracted from recycled
Mexico, Chile and Colombia have collection points
coffee capsules.
and encourage our customers to deposit their waste
there. We also have awareness-raising projects for
Based upon this partnership between two B Corp companies,
consumers and consultants. The recycling initiatives
which aims to have a positive impact, the Ekos Brazil Nut tubes
in Mexico involve 2,675 people, including consultants,
are to be 100% manufactured from recycled aluminum,
customers and employees, collecting more than 180
with 10% of the metal coming from the Nespresso capsules.
tons of materials and more than 40,000 packages.
This initiative means the recycling of more than two tons of
The materials collected are sent for recycling or some
capsules each year.
other form of proper disposal, meaning therefore that
the packaging is not sent to landfills.
The partnership has also led to the opening of 34
Nespresso boutiques around Brazil for the collection
and proper disposal of the Natura Ekos products
that use aluminum packaging.
138
138
7
Infrastructure
and the
value chain
139
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
What we are creating here at the Ecopark is a lean, close and
connected chain. The inputs we use are sourced directly from our
partner communities. Seeds, fruits and oils that contain the history and
ties with the forest. Each asset that we use contains the knowledge of
those who live in the region and care for it as part of their lives. And all
“
ALCIMARA ARAUJO DA SILVA
(MARA)
Manufacturing Manager at
the Ecopark
this is done with the support of our team, which works together with
the community on everything from collection to delivery at the factory.
But none of this would be possible without the firm enforcement of
ethical supply methods, which respect the local way of life and those
who live in the region. But the best thing is that the majority of the
production takes place here at the Ecopark itself. We have partners
who extract the oils and produce the shells, and we are preparing to
incorporate more stages. This reduces travel and emissions whilst
increasing traceability. The logistics becomes a part of the caring
strategy. The product that leaves the Ecopark travels less and interacts
more with those who produce it. And most of those who work in this
chain are the people who live near the unit, and who understand the
region and the value of what they are doing. When the chain is short,
transparent and made up of real relationships, the forest not only
remains standing - its grows stronger. This, for me, guides us towards
a regenerative model: a way of producing that reconnects, respects
and returns value to those who care for the origins of the forest. It is a
model with the potential to inspire other regions, because it is local,
circular and possible”
140
140
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Infrastructure
and the value chain
In 2024, Avon’s Global Innovation Center moved to
Ten years of the Ecoparque
In 2024, we celebrated the 10th anniversary of
the Ecoparque, our technological, industrial and
Brazil, a new factory in Cajamar (SP) was announced,
innovation complex located in Benevides, in the
and the Ecoparque, located in Benevides (PA),
Brazilian state of Pará. The 175 hectare space is
in Brazil, celebrated its tenth anniversary. We made
designed to manufacture our soaps, whilst also
significant progress in 2024 in our relations with our
operating as a point of contact and stimulation for
suppliers, with the launch of the Regenerative Alliance,
the sociobioeconomy of the Amazon region. Located
and we advanced in terms of our commitments
at the Ecoparque is the Natura Amazon Innovation
to the supply chain. These actions reflect how our
Hub (read more in the Bioinnovation and the Amazon
path towards regeneration is an intrinsic part of the
chapter), as well as a large open area for other
business strategy.
companies interested in working at the production
Our factories
We have manufacturing units in Cajamar
and Benevides, in the Brazilian states
of São Paulo and Pará, respectively, as
well as in Celaya, Mexico, and Moreno,
Argentina, all producing products from
the Natura and Avon brands.
and research hub created by Natura.
In 2024, Box Print, a packaging manufacturer, set
up business at the Ecoparque. Previously, Symrise,
a company focused on the creation of fragrances,
had opened a butters and fixed oils factory at the
industrial complex.
Currently, 94% of our soap demand in Latin America
is met by the Ecopark, which produced 458 million
units in 2024 and more than R$ 3.2 billions over the
complex’ first decade in existence.
141
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Over these last ten years, the Ecopark has generated
some R$ 1.6 billion in the region.
The Ecopark employs around 700 people directly or
indirectly, and 93% of the operational workforce is
local, including the factory’s senior management.
To attract and retain the employees, we hold a series
of training and technical specialization programs,
in partnership with the Serviço Nacional de
Aprendizagem Industrial (‘National Industrial Learning
Service’ / Senai), and we also offer study scholarships
for anyone wishing to take higher education courses.
GRI 413-1
In 2024, we celebrated
the 10th anniversary of
the Ecopark, the Natura
technological, industrial
and innovation complex
located in Benevides (PA)
142
142
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Decarbonization of the value chain
GRI 3-3
more than 100 signatories who work with us to
In 2024, we started to include the Avon brand’s
explore innovations, projects and new practices
operations in Latin America in our inventory of
related to issues such as circularity, the traceability
GHG emissions. In total, Natura &Co Latin America’s
of raw materials, human rights, diversity and
emissions saw a slight reduction, reaching 1.26 million
decarbonization in logistics and production.
tons of CO2, compared to 1.28 million in 2023.
Biomethane
The greatest volume of emissions continues to be
A biomethane station is in the process of being
those in Scope 3, involving the use and end-of-life
implemented at our Cajamar factory in Brazil.
treatment of the sold products. Our aim is to reduce
The biomethane will be produced from the waste
the emissions in the value chain by 42% by 2030, by
disposed of in the city’s sanitary landfill in Caieiras.
increasing our engagement with our suppliers and
The aim is to allow our partners to fill their vehicles
consumers. And by 2050, we intend to have reduced
with this type of renewably and sustainably-produced
our direct emissions to zero, (read more in the
fuel. Internally, we have adapted the boilers at our
Regenerate and Prosper chapter).
factory so that they can use the biomethane as a
The approach taken to the value chain is, therefore,
essential for our business to be truly regenerative. In
Ethanol
source of energy.
this sense, we have continued with initiatives that aim
Another initiative developed in 2024 involved a
to coordinate solutions together with our suppliers
partnership between Natura and Shell, meaning the
and partners.
Regenerative Alliance
logistics partners which make final delivery of the
products to the Beauty Consultants can opt to use
ethanol as fuel for their vehicles. The project offers
In 2024, we created a groundbreaking coalition
discounts for those who choose to replace gasoline
composed of suppliers from different segments
or diesel with ethanol, thereby contributing to the
to advance good sustainability practices. This
decarbonization of our transportation chain.
group, called the ‘Regenerative Alliance’, involves
We launched the
Regenerative
Alliance, a
coalition
involving
more than
100 suppliers
to encourage
sustainable
practices and
innovations
in circularity,
traceability,
human rights,
diversity and
decarbonization.
READ ABOUT
our performance
in relation to GHG
emissions in more
detail in the Latin
America Databook
143
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Integrated Health, Safety and
Environmental Management
Our actions relating to management of the
environment, and health and safety are focused
on guaranteeing safe and efficient operations that
are in line with the objectives and targets of our
Commitment to Life.
In 2024, 50% of all the products manufactured by
Natura in Latin America were produced in plants
certified with the ISO 14001 international norm
that establishes standards for environmental
management.* We made advances with a set of
targets designed to reduce the consumption of
energy and water resources in all our operations
in Latin America, including manufacturing and
distribution centers,.
Our perspective on matters such as water,
waste and energy go far beyond controlling
the impact on our own operations; they also
take into consideration the life cycle, focusing
on conservation and the aspects involving the
value chain and post-consumption, in addition to
manufacturing and operational efficiency.
*The calculation base includes the amount produced at the certified sites (Cajamar,
Celaya and Moreno) compared to the total volume produced at all the sites (Cajamar,
Ecoparque, Interlagos, Celaya and Moreno).
144
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Natural resources
The process of integrating the factories, which should
move forward in 2025, is one of the analytical sources
this measure forms part of the mitigation strategy
designed to tackle climate change.
for our results over the course of the forthcoming
reporting period. Amongst the key-actions
Waste
The impact management actions cover the entire
involved in energy efficiency are the replacement
value chain and are related to initiatives focused
of the ethanol-powered boiler in Cajamar with
on circularity and the efficient use of materials in
biomethane, the entry of a a long-term agreement
the manufacture of products and management of
for the use of renewable energy for the company’s
discharge materials at the factories and logistics
direct operations in Mexico, and studies to enable
centers, as well as in administrative and outsourced
the implementation of an electric boiler in Celaya
areas.
(Mexico), replacing the current one which is powered
by natural gas.
Occupational health & safety
GRI 403-1, 403-2, 403-5, 403-6, 403-9, 403-10
In relation to the consumption of water internally,
Natura has its own in-house occupational health
we have a Water Quality Policy, as well as regulations
and safety management system compliant with the
for the discharge of effluents and water quality
ISO 45001 and with Brazilian regulations. It covers
monitoring standards, whilst also considering the
100% of the employees, as well as service providers,
profile of the bodies of water to guarantee that we do
temporary workers and visitors in all operational
not cause adverse impacts.In 2024, 9.16% of the water
activities. By means of this system, we meet a
we used was reuse water. GRI 303-5
series of Brazilian and International legal demands,
including labor laws, guidelines established by the
In 2024, we finalized a water reuse project in Guarne,
Ministry of Labor’s Prosecutions Department (MPT),
Colombia. The aim has been to reuse 100% of the
and inspection requirements.
waste waters treated at the distribution center, and
use 100% of the rainwater collected to supply the
The system covers our direct employees, activities
Firefighting System, thus eliminating the need to use
and places of work directly related to the company’s
drinking water for this purpose. Implementation of
operations. It does not include distribution center
In Colombia, an
efficiency project
implemented
a Firefighting
System using
only collected
rainwater.
145
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
branches, since these are independent establishments which
follow specific contractual health and safety obligations.
However, we do regularly audit these spaces.
The healthcare initiatives are offered to our employees
and these include medical and occupational services and
the SerenaMente scheme, which involves the mapping of
psychosocial factors, as well as risk control programs. Some
of the benefits, such as telemedicine, psychological support
and programs designed to help control serious illness, extend
to include family members and up to four individuals who
may include members of the employee’s extended family or
friends.
In 2024, we recorded 12 work-related accidents requiring
communication involving direct employees and two with
outsourced workers. No fatalities were recorded. Four work-
related illnesses were communicated during the period.
FIND OUT MORE
Read about all of Natura’s health,
safety and environmental indicators
in Latin America in more detail in the
Databook
146
146
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Development of suppliers
GRI 2-6, 2-23, 2-24, 2-29, 3-3, 413-1, 414-1
Our production ecosystem is notable for its
interdependence. We have an extensive network
of suppliers working in the logistics processes,
production of raw materials, sales, services,
technology and infrastructure.
The engagement of the business partners is essential
to the execution of the strategy and fulfillment of our
sustainability objectives.
The main policies regarding this issue are
summarized in the Suppliers’ Code of Conduct, the
Global Procurement Policy and the Natura &Co
Declaration of Human Rights. In these policies, we
have defined the risks and opportunities involved
in our entire supply structure, including rural and
factory workers, community members, temporary
employees, indigenous peoples and minority groups.
Over recent years, we have also focused our work
on the total traceability of our critical chains and on
involving the suppliers in tackling climate change and
the loss of biodiversity.
In 2024, we negotiated with 7,730 suppliers, 0.84%
more than the 7,665 suppliers we dealt with during
the previous year. We disbursed a total of BRL 12.9
We have a
robust model
of engagement
and development
together
with the
sociobiodiversity
supplier
communities,
as well as with
the other
partners within
the value chain.
147
147
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
billion in purchases (against BRL 13.8 billion in 2023),
as the evaluation of risks related to a corruption,
with 41.6% going to direct suppliers and 58.4% to
ethics, integrity and human rights, we aim to
indirect suppliers. Around 80% of the sum was spent
create opportunities, specifically by contributing
on a group of 335 suppliers carrying greater financial
to our suppliers’ ability to progress, bring about
weight. Specifically in relation to our raw materials,
socioeconomic benefits in their regions, and adopt
there are 94 socio-biodiversity chains in the Amazon
socioeconomic practices aligned with the concepts
region that supply us with more than 40 essential
of sustainability and regeneration.
active ingredients for the creation of our products.
We recently extended our bioactives supply chains to
the Peruvian and Colombian Amazon regions (read
more in the Climate, Biodiversity and Nature chapter).
GRI 2-6
Embrace Program
GRI 3-3
Also focused on the development of the chain, we
have been operating the ‘Embrace’ program for
Natura has a robust model of
four years now, which recognizes and encourages
engagement and development in place with the
the adoption of sustainability practices by the
raw material supplier communities, with
suppliers. Embrace uses a tool to continually
100% of the operations having implemented specific
monitor the suppliers, and includes six pillars:
evaluations and program designed to strengthen the
Quality, Service, Innovation, Competitiveness,
socio-biodiversity. The evaluations, both social and
Capability and Skill, and Commitment to Life.
environmental, are participative and published.
In 2024, we began increasing the diversity of the
In order to define those partners which we consider
suppliers in our value chain to include companies
to be strategic, we take into account criteria relating
in different locations, of different sizes and with
to innovation, sustainability and risk. We also
different profiles. To do so, we simplified the
undertake an annual satisfaction survey to obtain
onboarding process, thereby allowing micro and
a better idea of the quality of our relations. As well
small companies to join us as partners.
EMBRACE
PROGRAM
4 years of
history centered
on 6 pillars:
• Quality
• Information
• Innovation
• Competitiveness
• Capability
and skills
• Commitment
to Life
148
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Local prioritization
GRI 204-1
brand’s portfolio of perfumes. Before the factory was
inaugurated, the extraction of essential oils, the stage
In 2024, 44.5% of our (Natura and Avon) sourcing for the
involving the highest aggregate value, was performed
most important units [Cajamar and Benevides (Brazil),
by third parties.
Moreno (Argentina) and Celaya (Mexico)] was made
through local suppliers, or in other words, those located
After the opening of the agribusiness unit, however,
within 80 km of the operation*. We aim to strengthen our
the community assumed responsibility for this
ties with local suppliers, especially those involved in the
manufacturing process, meaning a significant rise in
acquisition of bio-ingredients from the Amazon region for
the aggregate value of the commercialized products.
Natura products.
This has enabled the creation of new work opportunities
This forms part of our commitment to sustainable
in the socio-biodiversity chains. It is estimated that the
development and the regional economy.
gross income should rise by 60% and the number of
Agribusiness in partnership with Aprocamp
should rise from 75 to 100. It is expected that around 150
In 2024, we inaugurated an essential oils agribusiness
tons of raw plant-based material will be processed.
workers in the area of production of Natura supplies
in partnership with the Campo Limpo community, in
Santo Antônio do Tauá, in the Brazilian state of Pará. The
Pennyroyal Agribusiness
initiative was created and guided by Natura in partnership
GRI 203-1
with the Campo Limpo Community Farmers Association
The Pennyroyal Agribusiness Expansion Project,
(Aprocamp). Natura’s investments allow for the acquisition
realized in partnership with the GF Poejo supplier
of equipment used to extract and process the oils.
group, located in Campestre da Serra, in Brazil, is
aimed at increasing the production of pennyroyal
Aprocamp has been supplying Natura with plant-based
essential oil to meet our growing demand for this
raw-materials since 2003. The Association sells
input. This agribusiness, founded in 2022, has
plants such as Pataqueira, Estoraque, Priprioca, and
undergone structural and operational expansion,
Capitiu, and is responsible for supplying 70% of the raw
including the installation of new equipment and
materials sourced from the Amazon region used in the
training of the local team.
* * As per criteria for the B Corp Certification.
Inauguration
of the first
essential oils
agribusiness
in partnership
with Aprocamp
149
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Ethical and responsible sourcing
GRI 2-24, 2-25, 203-1, 308-1, 308-2, 408-1,
409-2, 414-1, 414-2
Those suppliers considered to be strategic undergo
an Environmental, Social and Governance (ESG)
Evaluation, which covers the issues of biodiversity,
carbon, diversity, traceability of the chain, and social
We have a Global Supplier Approval Policy, which,
environmental responsibility.
together with the other reference documents for our
value chain, established Natura’s responsible sourcing
We aim to identify, prevent and mitigate risks
guidelines. We have criteria for performing audits on
to human rights throughout our supply chain,
human rights, including matters such as diversity and
covering aspects such as child labor, forced labor
inclusion, social responsibility and decent working
or labor analogous to slavery, as well as exposure of
conditions. Any cases of non-compliance, risk or
the workers to hazardous working conditions. We
fragility result in an adaptation plan being applied to
recognize the existence of potential risks and work
the supplier, with the possibility of termination of the
constantly to mitigate them, and we have mapped
relationship; in such cases, we monitor the situation
those suppliers from chains considered to be critical
to ensure protection of the partner’s workers.
to our business - palm, soy, paper, ethanol, mica and
cotton (read all of our policies relating to this group
The selection of all new suppliers is based upon social
here. GRI 408-1, 409-1.
criteria and environmental criteria. Our contracting
procedure involves an evaluation of the suppliers,
One of the targets of the Commitment to Life is to
establishment of environmental criteria, requests for
ensure that 100% of the critical chains are free from
information, analysis of responses, audits, selection,
deforestation and conversion of native vegetation,
continual monitoring, and ongoing improvement.
with independent inspection (read more in the Latin
Those partners classified as being high-risk are
America Databook).
managed by the Sustainable Chains Department, and
may be submitted to social environmental audits.A risk
In 2024, we performed 309 audits and 1,307 general
In 2024, we performed 309 audits and 1,307 general
evaluation is also conducted once every two years.
suppliers were evaluated using social environmental
suppliers were evaluated using social environmental
150
150
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
criteria. Of these, 256 were identified as causers or
criteria. Of these, 256 were identified as causers or
possible causers of negative social impacts, and 112 as
possible causers of negative social impacts, and 112 as
causers of negative environmental impacts. The social
causers of negative environmental impacts. The social
and environmental issues at risk of occurring have been
and environmental issues at risk of occurring have been
fully mapped out.
fully mapped out.
To avoid the appearance of these impacts, we have
implemented improvement agreements, encouraging
the adoption of more responsible practices that
are more aligned with our social environmental
guidelines. In 2024, 248 suppliers agreed to implement
improvements, meaning 96.88% of the total number
of suppliers identified as having negative impacts. The
action plans developed with them are monitored by
means of internal audits and continuous monitoring
processes, ensuring that the corrective measures are
implemented.
Amongst the suppliers identified as causers of these
environmental impacts, 104 (93% of the total) have since
signed agreements to implement improvements.
As well as checking compliance with the social
environmental requirements that we have established
in our due diligence actions, we have also established
other important initiatives together with the suppliers:
151
151
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
• Due Diligence Target: we have established policies
•
Identification of new critical chains: in 2024, in addition
and action plans to address risks associated
to the six current critical supply chains, seven new
with palm, mica, alcohol, soy, cotton, and paper.
supply chains were identified as critical: carnaúba,
We work to ensure specific traceability and
candelila, canola, corn, essential fragrances, green
certification, with annual milestones:
polyethylene and recycled materials.
• Certifications: in 2024, we achieved a
98.80% certification for paper, and 94.10%
certification for palm oil.
• Strategic opportunities: we have identified
strategic opportunities to support our
Certified timber, paper fiber,
paper and cardboard
In 2024, our Latin American operations used 65,827 tons of timber,
certification efforts. We fund initiatives that
paper fiber, paper and cardboard for the manufacture of finished
promote environmental and human rights
products and in packaging materials. Of this total, 64,135 tons were
improvements in the producing regions.
sourced from materials certified by the Forest Stewardship Council
(FSC) and the Programme for the Endorsement of Forest Certification
• Sector partnerships: Natura &Co Latin America
(PEFC), meaning 97.43% of the total volume used. This sum takes
and Avon International are active members
into consideration only PEFC and FSC certified materials, meaning
of specific sector organizations such as the
it therefore differs from that reported in the Commitment to Life
Roundtable on Sustainable Palm Oil (RSPO) and
indicator. For the reporting, paper/timber products used for Home
the Responsible Carnaúba Initiative (IRC).
& Style, Cartridges, Corrugated Cardboard, Magazines and Printed
• Gender-Based Violence Initiatives: we monitor
and encourage the discussions regarding
gender violence in our supply chain. We provide
education, training, and interventions to empower
women and safeguard their rights and dignity.
Materials, and Bags were considered.
READ ABOUT
the innovation and sustainability
actions undertaken with supplier
communities in the Climate,
Biodiversity and Nature chapter.
152
152
8
Human
Rights
153
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Talking about violence against women is still very difficult. We
grow up hearing that we shouldn’t meddle in a couple’s fight.
But I’ve learned that the silence of those who see and say nothing also
fuels the cycle of abuse. There are women who don’t know where
to start, who feel afraid, who think they won’t make it. That’s why
“
I speak firmly: Natura offers real support. There are psychologists,
legal assistance, and shelter when it’s necessary to leave a dangerous
situation. There’s listening, there’s patience. And there’s someone
saying: “You’re not alone” — even when the woman hasn’t yet found
the strength to say that to herself. I know this up close. I’ve seen
so much over the years supporting our Beauty Consultants. And
I know that when a woman finds this kind of support, she begins
to see herself differently. Even those who don’t use the service yet
feel that they have somewhere to turn — a free, confidential phone
line, available to the entire network. Sometimes, courage doesn’t
come on its own. Sometimes, it’s information that drives change.
I’ve seen women raise their heads after years of silence. Not because
everything was magically fixed overnight, but because they learned
there was someone they could count on. That’s why I always insist to
the Consultants: know your rights, use the resources available, and
never forget that the Crer Para Ver line supports this entire network —
one that can embrace and uplift other women. That’s the beauty of
working with something that truly transforms.”
FRANCISCA FEITOSA
DOS SANTOS BARBOSA
Beauty Consultant and
Business Leader at
Natura & Avon
154
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Our management approach
Defending Human Rights and Being more Humane is
have guidelines on the theme in the Global Code
of Conduct, aimed at both our employees and our
suppliers. We also have an Ethics Hotline which
one of the pillars of our Commitment to Life.
receives and investigates accusations of any form
To ensure fulfillment of what we propose, we work
everyone (read more in the Ethics and Compliance
of violation, by means of a channel which is open to
on two strategic fronts. In the first front, involving
chapter).
defense of human rights, we operate by means of due
diligence value throughout our value chain, tracking
In 2024, we implemented a Combating Violence
of the critical chains, and tackling gender violence and
Against Women Policy, which is applicable to all
environmental racism.
the countries in which we operate. This norm also
contains service protocols and an accusations
In the second, we seek to be more humane through
line: Ângela, the Natura Institute’s online assistant
the development of the priority publics, such as our
offering support for women suffering situations
employees and Beauty Consultants. To gauge our
of domestic violence. Previously operating only in
progress in this area, we use the indicators relating to
Brazil and Mexico, it was extended to the whole of
a decent salary, education, healthcare, citizenship and
Latin America.
diversity. Specifically designed to provide guidance
for the human development of the Consultants, we
We have also adopted a structured approach
have used the Consultants’ HDI for the past ten years
to mitigating unequal impacts on women and
(read more on this in Consultants’ Wellbeing section).
communities exposed to environmental racism,
The priority agendas also involve the analysis of
promoting concrete actions designed to guarantee
social environmental vulnerability, with the Calamity
more inclusive and socially responsible operations.
Committee having been created to work in this area.
We base our work on the Natura &Co Declaration of
inequalities, we have also developed the Social
Human Rights, in line with the United Nations’ Guiding
Environmental Vulnerability Index, which allows
Principles on Business and Human Rights. We also
us to analyze the impacts of the operations and
To monitor and reduce social environmental
Ângela, our
support line
for women
in situations
of domestic
violence, has
been extended
to Latin America.
155
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
R$17.4 million
invested in
Latin America
in campaigns
and actions for
the promotion
of women’s
health and
tackling
gender
violence
implement effective measures to mitigate them.
We are also committed to gender parity in relation
to salaries, working hard to reduce the salary gap
and increase opportunities in the workplace.
Natura Institute
GRI 2-29, 203-1, 203-2, 413-1
In 2024, we integrated the operations of the Natura
and Avon institutes with the Avon Foundation
throughout Latin America. The combination of
the management and governance of the entities
contributes to the efforts and potential offered
by each within a single structure, which is able to
promote the causes that much more and increase
the reach of the initiatives and actions. As such, we
have been able to create one of the biggest private
social investment organizations in Latin America.
This initiative, aimed at expanding the reach of our
positive impacts, follows the same strategy used
by the company to manage the Wave Two project,
which combines the two businesses, reinforcing and
consolidating the brands even more throughout
Latin America.
Within this context, since June 2024, the Natura
Institute has been advancing the causes of
156
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
education and rights, areas which the Institute has
Consultants and leaders receiving assistance. As
historically focused on, and combining them with
part of our efforts to fight gender violence, 1,168
the health and quality of life of women, including
women received shelter and 183 consultants received
tackling breast cancer and gender violence, these
support.
being the main activities of the Institute and Avon
The awareness-raising campaigns focused on breast
Foundation in Brazil, Chile, Colombia, Mexico and
cancer involved 352,476 consultants, and the one
Peru. In Argentina, the two organizations will remain
addressing violence against women involved 381,803,
separate, but they will be jointly managed. The other
with a total of 9.79 million women being engaged
eight countries, which previously were served solely
in awareness-raising initiatives concerning breast
by the Avon Institute, will continue to receive social
cancer and 5.2 million regarding gender violence.
investment from the Natura and Avon brands, but
will also receive technical support from the Natura
In addition to this, 190 healthcare professionals were
Institute. These are: El Salvador, Ecuador, Guatemala,
trained in methods aimed at detecting and treating
Honduras, Nicaragua, Panama, Dominican Republic
breast cancer, and 1,182 legal and social services
and Uruguay.
professionals received training on how to handle
In 2024, the funds invested in promoting women’s
healthcare and tackling gender violence, including
donations made to NGOs, and on campaigns and
direct actions, amounted to a total of BRL 17.4 million
in Latin America as a whole, of which BRL12.8 million
cases of violence against women.
Crer para Ver:
the biggest social products
brand in Latin America
GRI 203-1
was invested in Brazil and the rest distributed across
We offer the market a line of Natura products
the other countries in the region.
called ‘Crer para Ver’, with all the profits going
to educational projects managed by the Natura
The impacts of these initiatives include the provision
Institute. The aim is to support the implementation of
of breast cancer detection services to 73,340 women
public policies focused on literacy and on Secondary
and treatment for 9,569 women, with 672 Beauty
Education. Professional training actions are also
8 million+
participants in
consultant training
sessions
61% of the Beauty
Consultants trained
in 2024 said they
were satisfied*
382,051 consultants
trained in Latin
America*
* The data do not include
those countries which have
not undergone the business
integration process.
157
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
developed for the Beauty Consultants. As such, Crer
para Ver has established itself as the most extensive
network in Latin America investing consistently in
education.
The Crer para Ver program has been implemented in
Argentina, Brazil, Chile, Colombia, Mexico and Peru.
As well as broader access to education, the actions
developed have results such as increased income for
the consultants, due to their higher level of training,
promotion of social wellbeing, and a reduction in
gender violence, since it provides women with more
autonomy, safety and access to healthcare and public
policies regarding protection.
Around 6 million people have been impacted by
the Institute’s work in Brazil, including public school
students and teachers, business leaders, Beauty
Consultants and their families. This boost for education
is also cyclical, driven by the Consultants themselves,
who manage to get closer to the schools and
teaching systems in their neighborhoods.
READ MORE
about the impact actions
of the new Natura Institute
in its activities reports (here)
158
158
Avon
International
159
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
A message from the
CEO of Avon International
Strategy and investments
Revitalization of the brand
Principal launches
Sustainability
Support for women’s causes
Performance and perspectives
161
163
166
169
170
172
174
160
160
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
A message
from the CEO
Kristof Neirynck
Looking back at 2024, despite having been a
year of significant challenges, it was also a year
of achievements for Avon. We have continued
to modernize our Relationships Selling channel
through critical initiatives and investments focused
on growth markets, including the successful
implementation of the two-tier business model in
Turkey. The Representatives remain at the center
of our business model and we believe that offering
customers personalized beauty consultation is one
of our key differentiation factors.
However, getting close to the customers and
providing them with new ways of accessing the
brand through retail and electronic commerce is
essential to our growth. We have intensified this
approach and we are now truly transforming Avon
into an omnichannel business. By the end of 2024,
the core range of Avon products could be found
at more than 2,300 points of sale, enabled by
partnerships with beauty specialists, and online in
marketplaces and the e-commerce channel.
161
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
The process of revitalizing our brand has continued,
in significant savings. Having completed the full
with excellent progress in 2024, including a
decommissioning of the installation in Suffern
restructuring of the visual identity and the ongoing
(New York, USA), we concluded the transfer of our
evolution of the portfolio to provide the market with
R&D activities to Cajamar, in Brazil, without any
accessible and aspirational products, focusing on
interruption to our innovation funnel. We also took
key innovations and hero products, which are much-
steps forward with the transformation agenda,
loved by our consumers. Through our partnership
addressing issues related to Avon Products, Inc. (API)
with Cruelty Free International, all Avon beauty and
in the United States, and its associated debts and
toiletries products are now certified cruelty-free by
liabilities. API’s voluntary Chapter 11 proceedings,
the Leaping Bunny Program. Furthermore, 80% of the
which have now been concluded, opened up a path
packaging is now reusable, refillable or compostable,
along which we are now able to confidently pursue
and 10% of the plastic we use is recyclable (PCR).
our ambitions.
For 139 years, Avon has supported women to be
Our ambitious plans would not be possible without
able to earn a living and learn on their own terms,
the right mindset and the renewal of the expected
and has encouraged them to celebrate their own
form of behavior to be able to take Avon forward
power and potential. Using our voice and resources,
and provide the foundations for our success. We
we support causes that strengthen women’s health
invest time and resources to construct a culture that
and wellbeing. So far, through Avon and the Avon
promotes simplification, encourages responsibility
Foundation, we have donated more than US$ 1.1
and self-belief, and welcomes measured risks and
billion, mainly on tackling gender violence and breast
constructive challenges. We are ready to conclude
cancer.
our journey of transformation and begin to deliver
the expected results. This is being undertaken
We also focus strongly on the cost reduction targets,
through the revival of effective performance,
simplifying our operations even more, evaluating and
without losing sight of the costs, and offering world-
redefining the senior management, and modernizing
class aspirational beauty that is accessible and
our IT infrastructure, which has already resulted
sustainable.
162
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Strategy and
investments
In 2024, Avon International continued with its
journey of transformation. The voluntary Chapter
11 restructuring proceedings for Avon Products, Inc.
(API) in the United States were essential for resolving
the company’s old debts and liabilities. At the end of
the year, the bankruptcy court approved the terms
of the agreement between API and its creditors,
as well as the sale of Avon’s operations outside the
United States to Natura &Co. More information
on these proceedings can be found in Natura &Co
strategy in p.25
Furthermore, Avon International reduced its
personnel, simplified its operations, reduced its
technology costs, and implemented strategic
initiatives. This included the finalization of the
transformation of R&D, outsourcing of the
relationship center services, and standardizing of
the size of the line throughout the business.
163
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
In a period of significant changes, the engagement
of our employees remained stable in comparison
Omnichannel capabilities
In 2024, Avon developed its commercial strategy
with previous years, which proves the commitment
and priorities, modernizing the Relationship
and confidence of the teams. As part of the
Selling, accelerating the omnichannel capabilities,
process, we focused on updating our talents, with
and revitalizing the brand, to be able to focus more
a comprehensive evaluation of all members of the
intensively on its principal markets.
senior management, resulting in leadership changes
in the principal markets and new hirings for retail.
With regard to Relationship Selling, the team
made extensive visits to identify opportunities and
A new set of expected behaviors was implemented
analyze the commercial model, point by point.
to allow a culture of high performance, focused on
At the same time, the support for representatives
keeping things simple to promote responsibility
was improved in different key areas for each
and ownership, whilst embracing intelligent risks
market. Romania and Turkey were identified as the
and constructive challenges to the status quo. Over
first countries that needed attention, with these
the course of the year, quarterly, global, online
markets presenting above-average challenges
meetings, as well as local, in-person workshops, and
for the company in terms of revenue, whilst
training sessions, were held to help incorporate the
presenting encouraging channel KPIs.
components and reenergize our culture.
Avon evolved
in terms of its
commercial
priorities and
invested in the
modernization
of Relationship
Selling.
The key takeaways from the experience in
Turkey and Romania led to the drafting of a set
of priority initiatives that will be implemented in
all the 12 principal markets in waves, as of 2025,
in South Africa, Philippines and Hungary. These
initiatives include simplifying the commercial
model and improving the value proposal and
164
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
experience for the representatives, as a means
of driving productivity and retention, including a
new program paying extra attention to the new
representatives.
Other improvements are related to balancing the
investments in prices with promotional actions,
to boost gains and provide a satisfactory 360°
experience, ranging from credit and taxes to
education and training.
In general, Avon International’s Relationship Selling
performance in 2024 dropped, despite having
improved in the second half of the year, due to
better results in the productivity of the sales leaders.
At the end of the year, Avon International had 1.7
million representatives, a drop of 16% in relation to
the previous year, with gains in retention partially
mitigating the impact of the reduced number of
new participants.
165
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Revitalizing the brand
The growth strategy is supported by the revitalization
of the Avon brand. The increased investment in media
is the - pilot markets (Romania and Turkey) resulted
in greater awareness and interest in the brand. The
marketing through influencers and social media was
also increased, whilst the booklets were updated with
better quality paper and binding and the inclusion of
clear messages. Furthermore, efforts are under way to
restructure the visual identity, especially in relation to
the packaging, with this initiative expected to be fully
completed in 2025.
In general, the restyling efforts have already provided
insights for our reevaluation, since packaging, design
and sustainability were recognized as the best assets of
the Avon products during the brand’s social activities
during the year.
Following the significant reduction and standardization
of the portfolio in recent years, the size of Avon’s line is
now more relevant and productive, although certain
shortcomings have been identified in relation to color
value and mass skincare, which are being addressed in
2025. The area of Fragrances was the best performing
category in 2024, improving in relation to the previous
year, and Avon continues to be the world’s most sold
brand by volume (GlobalData Retail, based on 2023
166
166
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
data). The Beauty+ category recovery strategy began in
In addition to this, Avon believes that its customers should
the second half of 2024 with a focus on productivity.
not pay premium prices for sustainability. Instead, the
Innovation for All
At Avon, continuing to offer aspirational beauty at an
aspects of our work (from obtaining the ingredients to the
manufacture, packaging, transportation and distribution)
irresistible price remains the primary objective. Avon
so that we can produce effective and accessible products.
brands should guarantee that sustainability is included in all
uses world-class innovation capacities to develop prize-
winning products that raise one’s confidence, ensuring
In 2024, the company successfully concluded the transition
the best in beauty is accessible to all. In relation to
of its research and development capabilities located
fragrances, some Avon products have been tested more
at Suffern (USA) to a world-class laboratory located in
than some luxury products in blind tests of quality or
Cajamar (Brazil) and a first-rate production line in Garwolin
general preference. In the area of skin care, the ANEW
(Poland). Other small laboratories working on adaptations
line involves the patented and innovative Protinol™
of formulas on a small scale are also operating in Poland,
technology that helps restore both collagen 1 and
South Africa and Philippines. The adaptation of the
collagen 3, making it as close as possible to the ideal ratio
installations and the transfer of knowledge to the recently
found in babies’ skin.
hired teams took place without any problems, and without
any impacts on the innovation pipeline.
Avon also considers the safety of its products to be
absolutely non-negotiable. All undergo a rigorous and
Once again, in 2024, Avon published its Future of Beauty
complete evaluation, with the same standards applied
Report. Two editions, one dedicated to fragrances and
throughout the world and in full compliance with the
another to skin care, provided an in-depth analysis of each
regulations. Furthermore, Avon was one of the first
category and shared emerging trends, combining surveys
cosmetics companies to completely eliminate testing
of 7,000 women from all over the world with specialist
on animals. It is now proud to have been awarded the
analyses. These insights into the demands and perceptions
Leaping Bunny seal by Cruelty Free International for 100%
of our customers are indicative of Avon’s forthcoming steps
of its beauty and toiletries products.
in innovation.
167
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Principal
launches
Hydramatic Shine Lipstick
Avon introduced a new line for its
revolutionary Hydramatic Matte
lipstick. The new Hydramatic Shine
is enriched with glycerine and
hyaluronic acid; the inner core of
the lipstick helps soften the lips and
reduce the appearance of fine lines,
while its outer core offers intense
color, making it as hydrating and
nutritional as it is vibrant and bold.
ANEW Skin Renewal Power Cream
A new day and night cream for Avon’s strongest skin care line.
Co-created by dermatologists and scientists, this innovative
Available in 15 tones suitable for all
cream contains the highest ever concentration (10x) of the
skin shades, Hydramatic Shine is
patented niacinamide Protinol™ technology. When used
designed for everyday use, without
together with the ANEW Power Serum and the ANEW Power Eye
blurring, offering a luxurious shine
Cream, it helps restore years of lost collagen in just seven days,
with an intense color.
creating stronger, firmer, smoother and more hydrated skin.
Far Away Shine
The most recent fragrance to join the ‘Far Away’ line of eight premium fragrances,
‘Far Away Shine’ was created using the Isphan Rose, a premium Damask rose that has
been used in beauty products for more than 2,000 years as a symbol of inner light.
The notes are complemented by the warmth of the pink pepper and the charm of the
golden musk, resulting in a shining and long-lasting effect on the skin. To coincide with
this launch, Avon unveiled a new visual and sensation for the entire Far Away fragrances
franchise. The new elegant, modern and eye-catching bottles are refillable, making
them perfectly collectible for the beauty shelf.
168
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Sustainability
The actions that Avon is undertaking to improve
the sustainability of its products are contributing to
the reduction of its carbon footprint. The strategy
is aligned with the TCFD, and, in 2024, the CDP
classified Avon’s performance as Level B, four levels
higher than its previous scoring.
Avon is a pioneer in the new approach it is taking
to all the product formulas. We are focusing on
permitting the development of more sustainable
products through use of the Quantis Life Cycle
Assessment. This tool analyzes the impact of
a product at each stage, from its ingredients
through to how it is made, used and disposed of.
The gauging of the total environmental impact of
the product (including water, carbon, waste and
renewability), allows Avon to guarantee that every
product is planned to have less impact than it had
previously, not only from the point of view of its
own operations, but also of the whole supply chain
from start to finish.
The company is making significant progress and
has made ambitious commitments regarding
sustainable packaging. Currently, 80% of the
packaging in all categories is reusable, recyclable
169
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
or compostable, and the target is to reach 100% by 2030.
by the Forest Stewardship Council (FSC), thereby also
The entire Far Away fragrances line, for example, has
reducing the carbon footprint. Following the successful
been offered in refillable bottles since 2024.
eyeshadow pilot, Avon is expanding this to other blushes.
Furthermore, Avon has reinvented its Ultra Color Rich
lipstick with fully recyclable packaging. The plastic in all
The eyeshadow itself uses mica that is verified by the
the fragrance packaging is being substituted by tamper-
Responsible Mica Initiative to combat risks to human
proof stickers. The benefits of this change include:
rights. Avon is also committed to full traceability and/
• Less plastic: By replacing the cellophane wrap with
or certification for its critical supply chains by 2025, and
two security stickers, Avon is reducing the use of
is working to increase the use of renewable ingredients
plastic by approximately 91% in each unit, based
and biodegradable formulas in its beauty products. This
upon a weight comparison.
approach is already at the forefront of the development
• Fewer emissions: This updating of the packaging also
of all new fragrances. For example, Far Away Beyond
contributes to the reduction of carbon emissions,
the Moon uses Sandalwood Album Essence Australia
with estimated annual savings of around 13%.
Orpur and eco-friendly technology to capture the
•
Improved security: two new tickets, replacing the
fragrance whilst leaving the Belle de Nuit flower
cellophane wrap, will guarantee that the products
untouched.
remain tamper-free and secure.
Avon is also improving the sustainability of its Beauty+
The reduction in the use of virgin plastic, including high
fashion and lifestyle products. In 2024, we ran a pilot
levels of recycled plastic in our bottles, is also under
project to include cotton for pajamas sourced from
way, and the level of post-consumption recycled (PCR)
Cotton Made in Africa (CmiA), an internationally
plastic across our entire portfolio in 2024 stood at 10%.
recognized standard for improving the conditions of one
By adopting fully recycled packaging for the Senses
million small farmers. The CmiA cotton is fully traceable,
bath gel bottles, for example, Avon has reduced the
does not use irrigation or genetically modified seeds,
use of virgin plastic by more than 4,000 tons. Similarly,
and produces 13% fewer carbon emissions than standard
Avon has redesigned its powder blushes to remove the
cotton. Following the successful pilot, Avon is expanding
plastic, creating a cardboard palette using paper certified
its use of CmiA cotton.
170
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Support for
women’s causes
For more than 20 years, Avon has been committed
to tackling gender violence, contributing more than
BRL 91 million to supporting more than 15 million
women and girls throughout the world, by means
of its programs and partnerships. We have been
collaborating with partners and NGOs around the
world to develop a new platform that is open to all,
inviting everyone to recognize the symptoms of
abuse by an intimate-partner.
As part of the 16 Days of Activism against Gender
Violence 2024, Avon launched its new Lovestrong
platform to raise awareness of the common early
warning signs of abuse, provide information to
help spot dangerous patterns before they escalate
and direct women to resources like the NO MORE
global directory. Supported by multimedia activity,
the Lovestrong campaign reached more than 16
million people in social networks, with reports in
publications such as Marie Claire.
171
171
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
In 2024, Avon continued to build upon its legacy of 30
In 2024, Avon launched The Avon Academy, a
years of empowering women (and men) to recognize
digital learning platform designed to provide
the signs and risks, and how to act in relation to breast
support for our community of autonomous
cancer.
workers in 31 countries. This platform introduced
300 new learning courses and registered more
Supported by the continuity of the ‘Feel the Boob
than 86,000 new enrollments, meaning a login rate
Love’ campaign, Avon encouraged everyone to
of 83% and an engagement rate of 61% (30% higher
include self-checkups in their regular self-care
than the industry standard). Those Representatives
routines. In collaboration with NGOs, Avon’s
who engaged with the training content have seen
markets have expanded awareness-raising and the
their sales increase by up to 55%, whilst the trained
action itself, organizing ‘Pink Parades’ with special
sales leaders (representatives who put together
influencers and representatives, whilst also providing
and support their own team) have seen growth of
educational sessions in schools and universities.
as much as 129%.
Avon is also dedicated to training its employees and
its global network of autonomous representatives
in the abilities necessary to succeed. By means of
improvement initiatives, the company has supported
the growth of the businesses, the development of
leaders and digital trading, ensuring ongoing learning
opportunities for all.
172
172
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Performance and
perspectives
Avon International achieved positive results with
agreements, administration of The Body Shop, and
the implementation of Wave One in Romania and
the separation of the Natura &Co Latin America
Turkey, as well as improvements focused on the
operational model. Avon International also came
experience of the representatives in all the growth
up against an unexpected obstacle in having to
markets. New initiatives are to be launched in 2025
prepare the IT transitions in record time for the
aimed at increasing the number of representatives,
operations in Russia, due to the need to comply
encouraging activity, and improving productivity.
with the country’s new sanctions. In underlying
On the other hand, the omnichannel performance
terms, the adjusted Ebitda fell 140 base points,
was more impressive, with a 20% rise in sales in
with the savings agenda and the greater gross
relation to the previous year.
margin partially offsetting the drop in sales and
the impacts of the exchange rate.
The underlying gross margins improved 40 base
points in relation to the previous year thanks to the
efforts in Savings for Transformation, excluding the
costs related to administration of The Body Shop.
In 2024, the adjusted Ebitda was 4.5%, a drop of
310 base points against the previous year, due to
the impacts of the costs relating to the Chapter 11
173
Fable Investments
Results
174
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Capital for
purpose-driven
start-ups
Fable Investments, a corporate venture capital
seeks to contribute to the continued evolution
wholly owned and funded by Natura &Co, showed
and positive transformation of the beauty and
strong double-digit growth in 2024, with significant
wellness sector.
developments across its portfolio.
2024 was a dynamic year for Fable, marked by the
The overarching purpose of Fable, operating
addition of two emerging brands to its portfolio:
autonomously, is to deploy growth capital
EADEM is a community-driven beauty brand
strategically into emerging, innovative, and high-
empowering women of color to embrace their
growth enterprises within the beauty and wellness
natural beauty. Rooted in inclusivity, it redefines
domain. Fable takes on the role of a nurturer, aiming
industry standards beyond tokenism. As a premium
not only to fuel the growth of these ventures but
skin care are brand for melanin-rich, sensitive skin,
also to foster a positive impact across the broader
EADEM has achieved strong retail success with
industry. The objective is to inspire and support start-
Sephora US, embodying Fable’s values of inclusivity
ups, enabling them to reach their full potential.
and education; and BIBBI Parfum, a luxury niche
fragrance brand inspired by its founder’s meditative
Fable boasts a vibrant pipeline of opportunities and
journey, has already demonstrated exceptional
remains eager to expand its portfolio each year. The
potential, attracting strong interest from top-tier
focus is on partnering with purpose-driven founders
retailers since its launch. These strategic additions
who are deeply passionate about their ventures,
reinforce Fable’s commitment to innovation and
brands that exhibit strength and resonance in the
purpose-driven brand building. We are excited to
market, and products that demonstrate exceptional
partner with them, supporting their growth by
effectiveness. Through these investments, Fable
leveraging our platform, resources, and expertise.
175
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
EADEM
Proudly female-founded, Black-
and Asian-owned, the brand is
built on the belief that beauty
should honor and reflect the
richness of diverse backgrounds.
2024 was a milestone year,
driven by the viral success of
Le Chouchou lip balm, which
became a bestseller after its
March launch. Strategic hires in
Operations, Sales, Social Media,
and Finance supported this
momentum, alongside industry
recognition with Allure’s Best of
Beauty Award and continued
social media virality, driving
engagement and brand
awareness around the world.
BIBBI Parfum
As a distinctive, trend-setting
niche fragrance brand, it
continues to expand with
Perfumer H
Renowned for redefining
maude
The modern intimacy brand
Stratia
As a science-driven skin care
craftsmanship in perfumery, the
continues to expand its presence.
brand known for its unique
brand creates refined yet effortlessly
Key highlights of the year include
formulations and effective
strategic retail placements and
elegant fragrances that resonate with
sponsoring the Louvre exhibition
ingredients, it continues to expand
successful product launche.
customer world wide has further
“Private Lives: From the Bedroom
its impact through the launch of
Strengthening its leadership
expanded its global retail presence
to Social Media,” featuring Maude
Sespia Lab in 2024, introducing a
team and transitioning to direct
with a growing network of directly
products, elevating brand visibility
new revenue stream by offering
operations in key markets,
operated stores and premium
in a prestigious cultural setting.
R&D and manufacturing services
the brand is well-positioned
department store counters, including
As the first sexual wellness brand
for small and medium-sized
for growth, with further retail
new openings at Isetan Shinjuku and
in Sephora’s history, Maude has
personal care brands. Increased
expansion planned for 2025.
Liberty London in 2024. Additionally,
continued its retail expansion
social media engagement has also
the company has secured strong
with partners such as Erewhon,
amplified brand visibility, while
local partnerships in China, Korea,
Samaritaine, and Skins. To
the introduction of the Esthetician
and other key luxury markets, with
support future growth, the brand
Pro Program reinforces its
four new store openings confirmed
strengthened its leadership team,
commitment to professional
for 2025 in Shanghai, Seoul, Tokyo,
restructured its organization, and
skincare education.
and London. Perfumer H continues
continues to develop new product
to elevate its offering and expand
innovations.
its customer base through product
innovation, introducing refined
packaging, enhanced formula
longevity, and expanding into high-
growth categories such as hand and
body care.
176
176
Technical references
and GRI Content Index
177
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI and SASB Content Index
Declaration of use
Natura &Co used GRI Standards as its base for reporting the period between Monday, January 1, 2024 and December 31, 2024*.
GRI 1 used
GRI 1: 2021 Foundations
GRI STANDARD /
OTHER SOURCE
CONTENTS
GENERAL DISCLOSURES
LOCATION
SDGs
2-1 Details of the organization
Natura &Co Holding S.A. is a publicly traded company, with its headquarters
in the state of São Paulo, Brazil, at Avenida Alexandre Colares, 958/960, Parque
Anhanguera - São Paulo (SP).
2-2 Entities included in the
organization’s sustainability
reporting
4. The subsidiaries included in the scope of this report are Natura Cosméticos
S.A., which operates in 14 countries, and Avon Products, Inc., with operations in
54 countries.
2-3 Reported period, frequency
and point of contact
4. Report published on April 14, 2025. Any doubts or suggestions may be
addressed to http://institucional@natura.net/
2-4 Restatements of information
GRI 2:
General
Disclosures 2021
In line with the material fact published to the market in 2025, Natura &Co
Holding Company. S.A., by means of its subsidiary Natura Cosméticos S.A., did
not renew the contract of The Body Shop Latin America master franchisee. As
of this cycle, we have ceased to include this entity in our indicators.
Other indicators were restructured in the Databook, as follows:
GRI 302-1, 302-3, 305-7, 306-4, 306-5 e 405-1.
2-5 External assurance
Latin America Databook
2-6 Activities, value chain and
other commercial relationships
4, 11, 19, 20, 63, 64, 65, 94, 147, 148.
2-7 Employees
65, 72. Latin America Databook with information available on the region.
Natura &Co information will be available later, in the Sustainability
Compendium, on the Investor Relations website.
2-8 Workers who are not
employees
4. Latin America Databook
2-9 Governance structure and
composition
29, 33, 8, 29, 88
8, 10
8
5, 16
* Data related to the Natura &Co Latin America business unit, disclosed in accordance with the Global Reporting Initiative (GRI), is available in the Latin America Databook.
178
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CONTENTS
GENERAL DISCLOSURES
LOCATION
SDGs
2-10 Nomination and selection of
the highest governance body
33 and 34. Latin America Databook
5, 16
2-11 Chair of the highest
governance body
2-12 Role of the highest
governance body
in overseeing the management of
impacts
GRI 2:
General
Disclosures 2021
2-13 Delegation of responsibility for
managing impacts
29. In the Material Fact published on March 25, 2025, Natura &Co announced
the incorporation of the Holding Company by the Natura Cosméticos S.A.
subsidiary. Following the incorporation, the Board of Directors of Natura
Cosméticos S.A. will continue to lead the Group, with the presence of the
founders, Bruno Rocha, Duda Kertesz and Gilberto Mifano, and with the Board
being chaired by Fábio Barbosa, who will no longer perform the executive role
of CEO. João Paulo Ferreira, the CEO of Natura, and Alessandro Carlucci, the
ex-CEO of the company, will also join as independent board members. Carla
Schmitzberger will leave the Board following the incorporation.
These changes should be approved by the O/EGM and by the CVM.
31 and 32. The Board of Directors establishes the company’s values, mission
and culture, supervising their implementation by means of corporate policies.
With support from the Strategy and Sustainability Committees, it approves
and monitors strategic plans, expansion and investments, including those
focused on sustainability. The management of the impacts is the responsibility
of the executives of the areas involved, as per the guidelines of the Board. The
Sustainability Board heads social environmental matters, with support from
the Internal Risks and Controls, Compliance, Financial and other departments.
In line with its Bylaws, the Company considers the short and long-term
interests of the company and its shareholders, as well as the economic, social,
environmental and legal impacts on the stakeholders. The Sustainability
Committee, made up of members of the Board of Directors and executives
from the department, supports the social environmental governance. Since
October 2024, it has also received support from an external consultant.
2-14 Role of the highest
governance body
in sustainability reporting
5 and 32.
2-15 Conflicts of interests
39. Latin America Databook
2-16 Communication of critical
concerns
38. Latin America Databook
2-17 Collective knowledge of
highest governance body
31 and 32.
2-18 Evaluation of the performance
of highest governance body
Latin America Databook
2-19 Remuneration policies
34 and 73.
2-20 Process to determine
remuneration
34 and 73.
16
16
16
179
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CONTENTS
GENERAL DISCLOSURES
2-21 Annual total compensation
ratio
Latin America Databook
2-22 Statement on sustainable
development strategy
9, 12, 68.
LOCATION
SDGs
2-23 Policy commitments
39, 45, 83, 147. Natura &Co information will be available later, in the
Sustainability Compendium, on the Investor Relations website.
16
GRI 2:
General
Disclosures 2021
2-24 Embedding policy
commitments
2-25 Processes to remediate
negative impacts
32, 38, 45, 83, 89, 147, 150. The Board of Directors is responsible for overseeing
the embedding of the company’s policy commitments to ensure responsible
business conduct in all the organization’s business activities and relations.
The delegation of responsibilities occurs by means of the clear definition of
targets and commitments, the identification of the hierarchical levels involved,
the attribution of responsibilities based on skills and competencies, the
establishment of authority and accountability, the effective communication
of responsibilities, the implementation of a tracking system, promotion
of collaboration and team working, the adjustment of responsibilities as
necessary, recognition and reward for performance, and the periodic review of
the delegation process.
38, 45, 69, 89, 150. Our Board participates in overseeing processes for
identifying and managing impacts on the economy, the environment and
people by means of continuous monitoring, oversight of the implementation
of processes, assessment of results, identification of gaps and opportunities
for improvement, strategic decision making and ultimate responsibility. This
analysis is conducted during strategic planning cycles and at specific events.
2-26 Mechanisms for advice and
presentation of concerns
38 and 39. Latin America Databook
16
180
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CONTENTS
GENERAL DISCLOSURES
LOCATION
SDGs
2-27 Compliance with laws and
regulations
Latin America Databook with available information on the region
Natura &Co information will be available later in the Sustainability
Compendium, on the Investor Relations website.
GRI 2:
General
Disclosures 2021
2-28 Membership of associations
2030 Latin America
2-29 Approach to stakeholder
engagement
4, 6, 72, 92, 94, 123, 125, 147, 156.
2-30 Collective bargaining
agreements
Excluding interns, apprentices, employees of Avon International and the Natura
Institute, 65.21% employees were covered by collective bargaining agreements.
For employees who are not covered by these agreements, the organization
establishes working and employment conditions in line with best competitive
market practices.
8
MATERIAL TOPICS
GRI 3: Material
Topics 2021
CIRCULARITY
GRI 3: Material
Topics 2021
3-1 Process to determine material
topics
7. Latin America Databook
3-2 List of material topics
7 and 8. Latin America Databook
3-3 Governance of material topics
50, 133, 134, 135, 136, 137, 138. Latin America Databook
301-1 Materials used by weight or
volume
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
GRI 301:
Materials 2016
301-2 Recycled input materials
used
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
301-3 Reclaimed products and
their packaging materials
150 and 151. Latin America Databook with information available on the
region. Natura &Co information will be available later, in the Sustainability
Compendium, on the Investor Relations website.
SASB: Packaging
life cycle
management
SASB-CG-HP-410a.1
(1) Total weight of packaging, (2)
percentage made from recycled
and/or renewable materials and (3)
the percentage that is recyclable,
reusable and/or compostable.
133 and 134.
8, 12
8, 122
8, 122
181
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CIRCULARITY
SASB: Packaging
life cycle
management
CONTENTS
LOCATION
SDGs
SASB-CG-HP-410a.2
Discussion of strategies to reduce
the environmental impact of
packaging throughout its life
133.
302-1 Energy consumption within
the organization
Latin America Databook with available information on the region Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
302-2 Energy consumption outside
the organization
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
GRI 302:
Energy 2016
302-3 Energy intensity
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
302-4 Reduction of energy
consumption
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
302-5 Reduction in the energy
requirements of products and
services
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
303-1 Interactions with water as a
shared resource
Latin America Databook
GRI 303: Water
and Effluents 2018
303-2 Management of water
discharge related impacts
Latin America Databook
303-3 Water withdrawal
Latin America Databook
303-4 Water discharge
Latin America Databook
303-5 Water consumption
Latin America Databook
SASB-CG-HP-140a.1
(1) Total water withdrawn, (2) total
water
SASB: Water
management
consumed, percentage of each in
regions with
Latin America Databook
High or Extremely High Baseline
Water Stress
7, 8, 12, 13
7, 8, 12, 13
7, 8, 12, 13
7, 8, 12, 13
7, 8, 12, 13
6, 12
6
6
6
6
182
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CIRCULARITY
SASB: Water
management
CONTENTS
LOCATION
SDGs
SASB-CG-HP-140a.2
Description of water management
risks and
discussion of strategies and
practices to mitigate those risks
Latin America Databook
306-1 Waste generation and
significant waste-related impacts
Latin America Databook
306-2 Management of significant
waste-related impacts
Latin America Databook
3, 6, 11, 12
3, 6, 8, 11, 12
GRI 306:
Waste 2020
306-3 Waste generated
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
3, 6, 11, 12, 15
306-4 Waste diverted from final
disposal
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
3, 11, 12
306-5 Waste destined for final
disposal
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
3, 6, 11, 12, 15
GRI 416:
Occupational
health & safety
Health and Safety
2016
GRI 417: Marketing
and Labeling 2016
416-1 Assessment of the health
and safety impacts of product and
service categories
416-2 Cases of non-compliance
concerning the health and safety
impacts of products and services
417-1 Requirements for product
and
service information and labeling
417-2 Incidents of noncompliance
concerning product and service
information and labeling
130. Latin America Databook
Latin America Databook
16
Latin America Databook
Latin America Databook
183
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CIRCULARITY
SASB:
Environmental,
health and safety
performance of
products
SASB: Revenue
from products
developed
based on green
chemistry
principles
SASB:
Environmental and
social impacts of
the palm oil supply
chain
CONTENTS
LOCATION
SDGs
SASB-CG-HP-250a.3
Discussion of process to identify
and manage emerging materials
and chemicals of concern
Latin America Databook
SASB-CG-HP-250a.4
Revenue from products designed
with green chemistry principles -
Clean Revenue
SASB-CG-HP-430a.1
Volume of palm oil acquired;
percentage certified by the
Roundtable on Sustainable
Palm Oil (RSPO), as: (a) Identity
Preserved, (b) Segregated, (c) Mass
Balance, or (d) Book & Claim
Latin America Databook
Latin America Databook
VALUE DISTRIBUTION
GRI 3: Material
Topics 2021
3-3 Governance of material topics
69, 76, 122, 145, 147, 148. Latin America Databook
201-1 Direct economic value
generated and distributed
Latin America Databook
8, 9
GRI 201: Economic
Performance 2016
201-3 Defined benefit plan
obligations and other retirement
plans
Latin America Databook
201-4 - Financial assistance
received from the government
Latin America Databook
GRI 202:
Market presence
2016
202-1 Ratio between standard
entry level salary, compared to
local minimum wage, by gender
Latin America Databook
1, 5, 8
184
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CONTENTS
DISTRIBUTION OF VALUE
LOCATION
SDGs
GRI 203: Indirect
Economic Impacts
2016
GRI 204:
Procurement
Practices 2016
203-1 Infrastructure investments
and services supported
203-2 Significant indirect
economic impacts
87, 92, 96, 117, 136, 149, 150, 156, 157. Latin America Databook
69 and 156. Latin America Databook
204-1 Proportion of spending on
local suppliers
149. Latin America Databook
401-1 New employee hires and
employee turnover
Latin America Databook with available information on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
GRI 401:
Employment 2016
401-2 Benefits provided to full-time
employees that are not provided to
temporary or part-time employees
Latin America Databook
GRI 403:
Occupational
Health and Safety
2018
401-3 Parental leave
Latin America Databook
403-1 Occupational health and
safety management system
145 and 146.
403-2 Hazard identification,
risk assessment and incident
investigation
145 and 146.
403-3 Occupational health services
Latin America Databook
403-4 Worker participation,
consultation, and communication
on occupational health and safety
Latin America Databook
403-5 Training for workers in
occupational health and safety
145 and 146.
5, 9, 11
1, 3, 8
8
5, 8, 10
3, 5, 8
5, 8
8
8
8
8, 16
8
185
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CONTENTS
DISTRIBUTION OF VALUE
LOCATION
SDGs
GRI 403:
Occupational
Health and Safety
2018
GRI 404: Training
and Education
2016
GRI 405: Diversity
and Equal
Opportunities 2016
403-6 Promotion of worker health
145 and 146.
403-7 Prevention and mitigation
of occupational health and safety
impacts directly linked by business
relationships
403-8 Workers covered by an
occupational health and safety
management system
Latin America Databook
Latin America Databook
403-9 Work-related injuries
403-10 Work-related ill health
146
146
404-1 Average hours of training per
year per employee
75. Latin America Databook with information available on the region. Natura
&Co information will be available later, in the Sustainability Compendium, on
the Investor Relations website.
404-3 Percentage of employees
receiving regular performance and
career development reviews
Latin America Databook
405-1 Diversity of governance
bodies and employees
72 and 76. Latin America Databook with information available on the
region. Natura &Co information will be available later, in the Sustainability
Compendium, on the Investor Relations website.
405-2 Ratio of basic salary and
remuneration received by women
and that received by men
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
GRI 415: Public
Policies 2016
415-1 Political contributions
36.
3
8
8
3, 8, 16
3, 8, 16
4, 5, 8, 10
5, 8, 10
5, 8
5, 8, 10
16
186
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CONTENTS
DISTRIBUTION OF VALUE
207-1 Approach to tax
Latin America Databook
207-2 Tax governance, control and
risk management
Latin America Databook
GRI 207:
Tax 2019
207-3 Defined benefit plan
obligations and other retirement
plans
GRI 417: Marketing
and Labeling 2016
207-4 Country-by-country
reporting
GRI 4173 Incidents of non-
compliance
concerning marketing
communications
GRI 404:
Training and
Education 2016
404-2 Programs for upgrading
employee skills and transition
assistance programs
SOCIAL REGENERATION
Latin America Databook
Latin America Databook
Latin America Databook
LOCATION
SDGs
17, 1, 10
17, 1, 10
17, 1, 10
17, 10, 1
Latin America Databook
8, 10
GRI 3: Material
Topics 2021
3-3 Governance of material topics
36, 37, 76, 77, 78. Latin America Databook
GRI 202: Market
Presence 2016
202-2 Ratio of senior management
hired from the local community
Latin America Databook
205-1 Operations assessed in terms
of the risks relating to corruption
37 and 38. Latin America Databook
GRI 205:
Anti-corruption
2016
205-2 Communication and
training on anti-corruption policies
and procedures
38. Latin America Databook
205-3 Confirmed incidents of
corruption and actions taken
Latin America Databook
16
16
16
187
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CONTENTS
SOCIAL REGENERATION
LOCATION
SDGs
GRI 206:
Anti-competitive
behaviour 2016
206-1 Legal actions for anti-
competitive behavior, anti-trust,
and monopoly practices
During the reported period, Natura recorded no claims or litigations, either
pending or closed, due to unfair competition, practices of trust, or monopoly,
either in Brazil or in Hispanic America.
16
GRI 402: Labor
Relations 2016
GRI 406: Non-
discrimination
2016
4021 Minimum notice period
regarding
operational changes
406-1 Incidents of discrimination
and corrective actions taken
GRI 407: Freedom
of Association and
Collective
Bargaining 2016
407-1 Operations and suppliers
in which the right to freedom of
association or collective bargaining
may be at risk
We have established a minimum notice period of four weeks to inform workers
about significant operational changes.
Latin America Databook
38 and 39. Latin America Databook
5, 8
The company does not have operations at risk of violations of the workers’ right
to exercise freedom of association or collective bargaining.
8
GRI 408: Child
labor 2016
408-1 Operations and suppliers
considered to have significant risk
for incidents of child labor
150. Latin America Databook with information available on the region. Natura
&Co information will be available later, in the Sustainability Compendium, on
the Investor Relations website.
5, 8, 16
GRI 409: Forced or
Compulsory Labor
2016
409-1 Operations and suppliers
at significant risk for incidents of
forced or compulsory labor
150. Latin America Databook with information available on the region. Natura
&Co information will be available later, in the Sustainability Compendium, on
the Investor Relations website.
GRI 411: Rights
of Indigenous
Peoples 2016
411-1 Incidents of violations
involving the rights of indigenous
peoples
In 2024, we did not identify any cases of violations involving the rights of
indigenous peoples, either regarding indigenous people working in the
organization or in indigenous communities with which we maintain relations.
GRI 413: Local
Communities 2016
413-1 Operations with local
community engagement, impact
assessments and development
programs
413-2 Operations with significant
(actual and potential) negative
impacts on local communities
79, 92, 95, 96, 99, 135, 142, 147, 156.
109. Latin America Databook
5, 8
2
1, 2
188
GRI 413: Local Communities 2016
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CONTENTS
SOCIAL REGENERATION
GRI 414: Supplier
Social Assessment
2016
GRI 418: Customer
Privacy 2016
414-1 New suppliers that were
screened using social criteria
414-2 Negative social impacts in
the supply chain and actions taken
418-1 Substantiated complaints
relating to breaches of customer
privacy and losses of customer
data
REGENERATION OF NATURE
LOCATION
SDGs
97, 147, 150. Latin America Databook
150 and 151. Latin America Databook
Latin America Databook
5, 8, 16
5, 8, 16
GRI 3: Material
Topics 2021
GRI 101
Biodiversity 2024
3-3 Governance of material topics
45, 63, 64, 68, 83, 92, 133. Latin America Databook
GRI 101-1 Policies to halt and
reverse biodiversity loss
GRI 101-2 Management of
biodiversity impacts
GRI 101-3 Access and benefit-
sharing
83. Latin America Databook
Latin America Databook
83. Latin America Databook
GRI 101
Biodiversity 2024
GRI 101-4 Identification of
biodiversity impacts
83. Latin America Databook
GRI 101-5 Locations
with biodiversity impacts
GRI 101-6 Direct drivers of
biodiversity loss
Latin America Databook
Latin America Databook
GRI 101
Biodiversity 2024
GRI 101-7 Changes to the state of
biodiversity
Latin America Databook
GRI 101-8 Ecosystem services
Latin America Databook
GRI 308: Supplier
Environmental
Assessment 2016
308-1 New suppliers that were
screened using social criteria
308-2 Negative environmental
impacts in the supply chain and
actions taken
79, 135, 150. Latin America Databook
79 and 150. Latin America Databook
189
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
GRI STANDARD /
OTHER SOURCE
CLIMATE ACTION
GRI 3: Material
Topics 2021
CONTENTS
LOCATION
SDGs
3-3 Governance of material topics
42, 44, 84, 86, 87, 89, 143. Latin America Databook
GRI 201: Economic
Performance 2016
201-2 Financial implications and
other risks and opportunities due
to climate change
Latin America Databook
13
GRI 305: Emissions
2016
305-1 Direct (Scope 1) emissions of
greenhouse gases (GHG)
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
3, 2, 12, 13, 14, 15
305-2 Indirect emissions (Scope 2)
of greenhouse gases (GHG) arising
from the acquisition of energy
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
3, 2, 12, 13, 14, 15
305-3 Other indirect (Scope 3) GHG
emissions
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
3, 2, 12, 13, 14, 15
305-4 Intensity of emissions of
greenhouse gases (GHG)
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
305-5 Intensity of emissions of
greenhouse gases (GHG)
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
13, 14, 15
13, 14, 15
305-6 Emissions of ozone
depleting substances (ODS)
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
3, 12
305-7 Emissions of NOx, SOx, and
other significant air emissions
Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.
3, 12, 14, 15
GRI 305: Emissions
2016
190
Independent
auditors’ limited
assurance report
191
192
Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index
Credits
NATURA &CO
NATURA &CO LATIN AMERICA
CONTRIBUTIONS
Group Chief Legal and Compliance Officer
Itamar Gaino Filho
Vice President of Reputation, Sustainability,
Legal and Corporate Affairs
Ana Costa
External Communications
Emilia Lebron
Investors Relations
Helena Villares and Ana Sartori
Corporate Governance
Moacir Saltzstein and Aline Klein
Legal
Daniela Anversa
Risk Management
Mercedes Stinco and Estela Favaron
Ethics and Compliance
Juliana Darini and Marco Barreto
Reputation and Governance
Paulo Dallari and Ana María Lee
Sustainability
Angela Pinhati, Ines Francke, Thais Espildora,
Nathalia Ribeiro, Natália Noleto and Letizia
Bezerra
Art Direction
Marcelo Rivera and Cássio da Costa Silva
AVON INTERNATIONAL
Global Communications
Jo Newark
Sustainability
Natalie Deacon, Dawid Moneta
and Marlena Babicka
GRI Consulting, Copy and Editing
Grupo Report: Alan Bergman, Alisson Coutinho,
Ana Souza, Camila Freire, Camila Severgnini, Fabio
Peixoto, Fernanda Mori, Guto Lobato, Matthew
Shirts, Nicholas Ribeiro, Ryan Brandão and Thays
Garcia
Design
Manuela Novais, Ana Tereza Carneiro
e Giulia Molino
Board Photography
Paulo Vitale
Text revision
Catalisando Conteúdo
Translation
Steve Wingrove
Additional thanks to
Jonathan Lloyd White, Evie Stenhouse,
Samantha Jacobs and Roberta Roesler
Special thanks to
Luiz Seabra, Guilherme Leal, Pedro Passos,
Fábio Barbosa, Guilherme Castellan, João
Paulo Ferreira and Kristof Neirynck
193
193
Continue reading text version or see original annual report in PDF
format above