Robert och Jonas af Jochnick, who founded Swedish beauty and cosmetics firm Oriflame in 1967, deny rumors that they are selling the company to the world’s largest luxury goods conglomerate LVMH.

"There are so many rumors. But we have not had any contact with LMVH, "Jonas af Jochnick told business daily Dagens Industri. "There is also no contact with L'Oréal".

"We have no plans to sell or retire from the board," said Jonas af Jochnick, adding that he and his brother intend to transfer ownership to their children.

The Evening Standard was the latest to report on the rumour which has been circling the market this week.

French luxury goods conglomerate LVMH announced Monday it is to take a controlling stake in Bulgari, the Italian jewellery house, in an 3.7 billion euro ($5.2bn) all-share deal.

Oriflame sells skin care, cosmetic products and other related products through an independent sales force of over 3 million people. The company sells their products through a direct selling force. Their direct selling force earn commission off all sales they personally make, and may also invite others to work with Oriflame, earning a commission of the sales of teams they develop.