Former L’Occitane boss Emmanuel Osti is plotting a bid for The Body Shop.
Osti is working with CVC Capital Partners, which agreed to sell control of Formula One to John Malone’s Liberty Media last year, for the takeover.
The Body Shop was put on the market by owners L’oreal last month.
The French cosmetics giant snapped up the beauty retailer in 2006 for £652m. L’oreal is reportedly working with bankers at Lazard to sell the struggling cosmetics chain.
Like-for-like revenues at The Body Shop were up 0.6 per cent last year while revenues in the three months to December stood at £281.8m.
Other bidders interested in snapping up the brand include Apax Partners, owners of fashion brand Karl Lagerfeld, and Advent International, the Sunday Times has reported.
The Body Shop, which was founded by Dame Anita Roddick and her husband Gordon in 1976, has more than 3,000 stores across the globe.
CVC Capital Partners declined to comment.