Private equity firms have shown interest in The Body Shop since L’Oréal stated in its 2016 results that it had decided to sell the business. Bain Capital and BC Partners are thought to have also made bids.
Brazilian beauty products company Natura Cosmeticos has made the final shortlist along with the three firms, Bloomberg reports.
Binding bids from potential buyers are due in early June.
Advent, CVC and InvestIndustrial all declined to comment or were not immediately available to comment.