Brazilian cosmetics maker Natura &Co said on Monday its board authorised management to study splitting its Avon brand outside Latin America, which could spawn a new listed firm managing the business outside the region.

The split, whose details Natura said is still being evaluated, would be the latest of a series of moves Natura has made over the last year as it looks to simplify its structure, such as the divestment of its Aesop and The Body Shop brands.

Natura said in a securities filing the potential deal would separate the current company into two listed-parts.

Natura &Co Latam would operate Natura brand worldwide and the Avon brand only inside Latin America. Avon, meanwhile, would operate its own brand outside Latin America while partnering with Natura &Co Latam inside the region.

Avon’s U.S. business, which was never owned by Natura, is not a part of the deal.

In a filing, Natura said that studying the split was “consistent” with its strategy of simplifying its corporate structure and making its business units more autonomous.

It said the move would not affect an ongoing integration of the Natura and Avon brands in Latin America, adding that more autonomy could benefit the brands, which it said have “distinct” geographies and client bases.

Natura has suffered in recent years due to high inflation and the economic impacts of Russia’s war on Ukraine, prompting CEO Fabio Barbosa to start streamlining the company.

Last year, Natura sold luxury brand Aesop to France’s L’Oreal for $2.59 billion, as well as The Body Shop to private investor Aurelius Group in a deal valued at 207 million British pounds ($259 million).

Natura, which has Sao Paulo-listed shares and last month announced plans to delist its American Depositary Shares from the New York Stock Exchange, didn’t give details on where the companies would be listed under the potential deal.