SAO PAULO, Sept 15 (Reuters) - Shares in Brazil's Natura & Co Holding SA rose almost 3% on a potential restructuring of its business, which analysts see as a possible inflection point for the cosmetics maker.

The owner of the Natura, Avon, Aesop and The Body Shop brands is expected to announce the next steps in its restructuring process after a string of lackluster quarterly results weighed on the company's stock.

The most likely revamp move for the firm is a tie-up between the Latin American operations of the Natura and Avon brands, according to analysts at XP Inc.

"There could be additional synergies to be captured with the merger of its operational areas," analysts led by Daniela Eiger said in a note to clients.

Earlier this week, local website Capital Reset reported on the combination, citing sources familiar with the matter.

Analysts also mention a possible spin-off of Aesop and a sale of The Body Shop, although they see the chances of this as slimmer.

In June, Natura tapped former Santander Brasil executive Fabio Barbosa to take the helm at the company, saying at the time it planned to increase the accountability of its business units after years of expansion fueled by high-profile acquisitions.

Shares in Natura were up 2.6% in mid-afternoon trading in the Sao Paulo stock exchange, but still more than 70% below the record high from last year.

(Reporting by Peter Frontini; editing by Diane Craft)