Global beauty company Natura &Co. has cancelled its plan to switch its primary stock listing to the U.S. from Brazil, citing the prospect of surging rates and wild swings in global equity markets brought on by the war in Ukraine.
 
“We spent the past few months talking to our shareholders and potential investors, and the conclusion is pretty clear: the U.S. listing makes sense strategically, but maybe timing isn’t right,” CEO Roberto Marques told Bloomberg. “We’ll assess the appropriate moment to resume it.”
 
The company, which also owns the Natura, Body Shop and Aesop brands, had planned to list on the NYSE, while having Brazilian depositary receipts (BDRs) trade on the Sao Paulo stock exchange, however that was before the VIX, an indicator of expected volatility in the S&P 500, jumped to the highest level in over a year.
 
Instead, the company says it will focus on moving forward with the turnaround of Avon Products, which it acquired less than three years ago.

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