L’Oréal, the French cosmetics group, on Thursday said it might make a cash bid for Body Shop International, causing the British retailer’s shares to rise 7 per cent.

However, L’Oréal, owner of the Garnier, Maybelline and Lancôme brands, stressed that “no decision had been made regarding any offer”, adding that the matter had not been put to its board – let alone reached the stage where it had approached Body Shop itself.