Dec 14 (Reuters) - Unilever Plc is in advanced talks to sell Elida Beauty, a division that includes non-core beauty and personal care brands such as Q-Tips and Impulse, to private equity firm Yellow Wood Partners, people familiar with the matter said on Thursday.

Elida's brands also include Caress, TIGI, Timotei, Monsavon, St. Ives, Zwitsal, Ponds, Brut, Moussel, Alberto Balsam and Matey. Elida generated about $760 million in revenue in 2022, Reuters has reported.

Yellow Wood has emerged as the winner in an auction for Elida and is negotiating final aspects of the deal, which is expected to be worth less than $1 billion, the sources said. The deal talks could still end unsuccessfully, the sources added, asking not to be identified because the matter is confidential.

Unilever representatives did not immediately respond to requests for comment. Yellow Wood declined to comment.

The consumer goods industry has struggled with soaring costs for about two years, as items from sunflower oil and grains to packaging and shipping have become more expensive.

Unilever, the maker of Dove soap and Ben & Jerry's ice cream, has been trying to address these challenges following years of its shares underperforming many peers. Hein Schumacher, who took the reins as Unilever CEO in July, said two months ago the company would now focus on 30 key brands which account for 70% of its sales.

It would be the second time in a year that Yellow Wood buys non-core brands from Unilever. In May, Yellow Wood acquired Unilever's personal care brand Suave.

Based in Boston, Yellow Wood focuses on deals in the consumer sector. Its investments include tanning brand Isle of Paradise and foot care brand Dr. Scholl's. (Reporting by Abigail Summerville in New York; Editing by Richard Chang)