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Actress and business mogul Jessica Alba may be selling her consumer packaged goods startup The Honest Company for $1 billion, according to a report.

The movie star co-founded the company about five years ago, which sells diapers, soap, lotion and cleaning products that it says are free of 'harsh chemicals.' It has since grown rapidly, and late last year started selling lip gloss, blush and mascara under the brand Honest Beauty.

Now Unilever, which makes Axe body spray and Dove soap, is in talks to acquire the company for more than $1 billion but 'significantly less' than the $1.7 billion Honest Co was valued at in a funding round last year, The Wall Street Journal reported. Talks of the deal are at an early stage, sources familiar with the matter told the newspaper. The startup has also not ruled out going public, sources said. Since the company got its start in 2011, it has reportedly raised more than $200 million from outside investors.

Should the acquisition move forward, Honest Co - which generates roughly $300 million in annual revenue - will pay some investors double their investment, according to Journal. The startup's focus on 'natural' and 'green' cleaning products would expand Unilever's expanding presence in the fast-growing market as well as the diaper business, the newspaper reported.

Currently, Unilever does not carry any brands that compete with Honest Co. Unilever recently acquired California start-up Dollar Shave Club for $1 billion, sharpening its rivalry with Procter & Gamble, which owns the Gillette brand. Unilever's acquisition of the subscription razor company also showed how e-commerce is disrupting the market for consumer packaged goods.

The 35-year-old Alba co-founded Honest Co with Brian Lee, Sean Kane and Christopher Gavin.The company, based in Los Angeles, sells its products online and at discount retailer Target, grocery chain Whole Foods and other major stores around the country.

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