(Bloomberg) -- LVMH and L’Oréal SA are among the luxury consumer companies weighing offers for a stake in Aesop that may value the high-end cosmetics brand at $2 billion or more, people familiar with the matter said.

Japanese beauty group Shiseido Co. is also studying a potential bid for an interest in Aesop, the people said, asking not to be identified discussing confidential information.

Aesop is owned by Brazilian cosmetics maker Natura & Co., which is working with Bank of America Corp. and Morgan Stanley as it explores the sale of a stake in the business, Bloomberg News reported last year.

Shares in Natura were trading 13% higher at 10:23 a.m. in Sao Paulo on Monday, giving the company a market value of 20.1 billion reais ($3.9 billion).

Deliberations are ongoing and there’s no certainty they’ll result in any offers for a stake in Aesop, according to the people. Representatives for Natura, LVMH, L’Oréal and Shiseido declined to comment.

Sao Paulo-based Natura said in October that it was assessing options to unlock value at Aesop, including a possible IPO or spinoff. Tough markets for new listings in 2022 saw the company lean toward a stake sale. The move is part of a broader overhaul being orchestrated by Fabio Barbosa, who took over as chief executive officer last year.

--With assistance from Kanoko Matsuyama.

(Updates with shares in fourth paragraph.)

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