This chapter explores how Natura &Co, one of Latin America’s leading cosmetics multinationals, has developed a robust innovation strategy rooted in sustainability, open innovation, and collaborative partnerships. Focusing on Brazil as a late-industrialising context, the chapter applies the Innovation Systems from Below (ISFB) framework to examine how Natura leverages internal capabilities and external networks to drive product development, ecological innovation, and organisational learning. The analysis highlights five core innovation mechanisms: open innovation platforms, strategic R&D partnerships, supplier integration, public and private innovation funding, and industry-level collaboration. It also shows how Natura’s culture of purpose-driven leadership and its commitment to ethical supply chains underpin its long-term innovation capacity. A final synthesis maps Natura’s innovation practices using established frameworks to assess its strategic position—between incremental improvement and business model transformation. This case provides critical insights into how sustainable innovation can emerge through firm-led agency, cross-sector partnerships, and inclusive value creation.