Brazil’s Natura & Co Holding SA said on Thursday its board is not considering a spinoff of its Aesop cosmetics brand or the sale of Body Shop, denying rumours of a global restructuring of its business.

In a securities filing, the group said it is not “conducting any study about a possible spinoff” or sale of its companies.

The owner of the Natura, Avon, Aesop and The Body Shop brands was expected to announce the next steps in its restructuring process after a string of lackluster quarterly results weighed on the company’s stock.

The expectation made the company’s shares to rise 1.58 percent in Sao Paulo’s stock market, but it remains more than 70 percent below the record high it reached last year.

In June, Natura tapped former Santander Brasil executive Fabio Barbosa to take the helm at the company, saying at the time it planned to increase the accountability of its business units after years of expansion fuelled by high-profile acquisitions.

By Peter Frontini and Andre Romani; Editors: Diane Craft and Josie Kao

Learn more:

Beauty Giant Natura Defies Skeptics With Unexpected Margin Gain

Brazil’s Natura & Co delivered a surprise margin gain in the fourth quarter, dealing a blow to sceptics who question whether the cosmetics maker can become a global beauty powerhouse.