Italian private equity firm Investindustrial has placed a bid in the race to acquire L’Oréal-owned The Body Shop, suggesting the company will place a woman at the helm should it be successful.

Founded by in 1976 by Anita Roddick, The Body Shop was bought out by L’Oréal in 2006, which put the company up for sale earlier this year due to falling sales and profits, with a decision on the chosen buyer expected to be made within a few months.

Andrea Bonomi, founder of Investindustrial, said, “We are trying (to buy it) and if we manage to do so, we hope a woman will lead it.”

Rumours are circulating that the company will appoint Cristina Scocchia, former head of L’Oreal Italy, should the company succeed in its acquisition bid.