South Korean conglomerate CJ Group has hired Deutsche Bank to prepare a potential bid for The Body Shop, the cosmetics business owned by French beauty major L’Oreal [EPA:OR], two sources briefed on the matter said.

The news service earlier exclusively reported that the CJ Group was seeking proposals from financial advisors for a potential Body Shop bid.

L’Oreal expects the Body Shop deal to fetch as much as EUR 1bn (USD 753m), but its potential bidders value the business at approximately EUR 700m, given the potential turnaround work required, as reported. Indicative bids are due around mid-April.

UK-based The Body Shop could fit with CJ’s retail operations, such as CJ Olive Young, which distributes beauty, personal care and a wide range of lifestyle products, and operates more than 500 stores in South Korea and five stores in China, as reported by this news service. CJ Corp [KRX:001040], which supervises the core M&A of the group, owns a 100% stake in CJ Olive Young.

Separately, LG Household & Healthcare (LG H&H) [KRX:051900], is not interested in participating in a Body Shop auction, a company spokesperson told this news service.

CJ and Deutsche Bank declined to comment….