Avon North America is changing hands, as South Korea’s LG H&H sells its entire stake in the business to global investment firm Regent.

The acquisition reunites Avon North America and Avon International under common US ownership for the first time since 2016.

Michael Reinstein, founder, chairman, and CEO of Regent, said bringing the businesses together provides Avon with “clearer ownership” and a stronger foundation for growth.

“Our job now is to put the scale of the combined business behind better products, sharper execution, and a stronger earning opportunity for the people who sell them,” he said.

Regent owns businesses across the luxury, fashion, beauty, consumer, media, technology, industrial, and automotive sectors. Its beauty portfolio includes Avon’s international operations across Europe, Asia, Africa, and the Middle East, which it acquired from Natura & Co in January.

Sunjoo Lee, CEO of LG H&H, said the sale aligns with the company’s strategy to optimize its global portfolio.

“By entrusting Avon North America to Regent, we believe this move will create a more unified and connected Avon business,” Lee said.

“At the same time, it allows LG H&H to focus on the K-beauty and wellness brands where our expertise lies for growth and better serve customers around the world.”

LG H&H acquired Avon North America in 2019.

Avon North America CEO Sun Moon said the transaction would allow the company to strengthen its focus on the social selling channel.

“This next chapter allows Avon to strengthen its focus on the social selling channel as part of a broader vision for growth and modernization,” Moon said.

“We are excited about the opportunities ahead and confident this evolution will deliver continued innovation and the trusted experiences customers expect from Avon.”

Financial terms were not disclosed. The transaction is expected to close next month.