Body Glow Oil has been in the cosmetics business since 2002 and has been sold in several countries including China, Russia, Ukraine, France, Singapore and Germany.
It has been the No 1 brand in the UK, with more than 100,000 products sold worldwide.
However, it has recently struggled to find a sustainable market and its stock price has dropped more than 80% over the past five years.
The brand is in talks to sell its cosmetics business to Chinese cosmetics giant Suntech, a deal that would make it the largest cosmetics buyer in China.
“The new deal would see Body Glow take on Suntech as its biggest buyer in the world and it would provide the brand with a new market for its products,” The Times reported.
“A deal could also help the brand attract new customers.”
The company is not the only beauty brand to suffer in China, with beauty brands such as Revlon, Lancome, Guerlain and others struggling to gain a foothold.