Revista de Administração Contemporânea, v. 26, n. 6. Abstract: This teaching case explores a unique international trajectory of an emerging market multinational in the cosmetics, fragrances, and toiletries industry. Natura & Co presents two very different internationalization strategies in two distinct moments: the first decisions seem to follow the gradual and incremental model described as the Uppsala model; later on, the company moves toward a more daring approach, explained by the springboard perspective, as it enters a series of large international acquisitions. The case is originally designed for disciplines of international business and international strategy at the graduate level and explores the above-mentioned theories, internationalization motives, and entry modes.
Keywords: Teaching case, Internationalization strategy, EMNE, Uppsala model, Springboard perspective.