2024-09-07 15:54:47
The chain, which filed for bankruptcy in the United Kingdom in February, will be bought by the investment company Auréa, which does not currently plan to reduce the number of points of sale.
After months of uncertainty and worry, The Body Shop is seeing the light at the end of the tunnel. The acquisition of the British beauty chain by the investment company Auréa has been finalized, the latter announced on Saturday, September 7. It does not plan, at this stage, to close any of the brand’s stores. This iconic chain, known for its ethical commitments, had filed for bankruptcy in February. “This investment demonstrates Auréa’s desire to support original brands that serve a goal” in terms of beauty and well-being, the buyer indicated in a press release.
Charles Denton, former CEO of British perfumer Molton Brown, will take over the chain, and Mike Jatania, co-founder of Auréa, will be its chairman. The future CEO said “really looking forward to leading this brand that (he) has admired for so many years”while recognizing that “Revitalizing its business will require courageous action”.
7000 employees before filing for bankruptcy
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The Body Shop, which before filing for bankruptcy in February employed around 7,000 people worldwide, including 2,200 in the UK, had announced the closure of more than 80 of its 198 UK stores and the loss of more than 750 jobs in the country. This procedure only concerned the UK and not the rest of the brand’s global network. The receivers of The Body Shop International had concluded an exclusivity agreement in July with the consortium of buyers led by the Auréa group.
The Body Shop was founded in 1976 in Brighton (south of England) by British entrepreneur Anita Roddick, a pioneer in environmentally friendly cosmetics, not tested on animals, and a supporter of fair trade. L’Oréal bought the brand in 2006 for around 940 million euros, when it was at the height of its glory, and the charismatic businesswoman, who died the following year, was criticized for this choice, accused by some of making a pact with the enemy. The brand’s star then began to fade, competed with the rise of many other brands claiming a more ethical approach.
The company was then bought in 2017 by the Brazilian Natura Cosmeticos, then at the end of 2023, by the German investment fund Aurelius, for around a quarter of the billion euros paid by the Brazilian in 2017. The Body Shop had since sold “loss-making businesses across much of continental Europe and parts of Asia”according to its judicial administrator FRP.
The Body Shop France was placed in receivership by the Paris Commercial Court at the beginning of April. Two potential buyers announced their intention in June.
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The Body Shop: A New Chapter Begins
After months of uncertainty and worry, The Body Shop, the iconic British beauty chain, has finally found a new owner. The investment company Auréa has finalized the acquisition of the brand, bringing an end to the uncertainty that has plagued the company since it filed for bankruptcy in February.
Auréa’s Commitment to The Body Shop
Auréa has announced that it does not currently plan to reduce the number of points of sale, a move that will come as a relief to the brand’s 7,000 employees worldwide, including 2,200 in the UK. The investment company has expressed its commitment to supporting original brands that serve a goal in terms of beauty and well-being. This investment demonstrates Auréa’s desire to support original brands that serve a goal in terms of beauty and well-being [[1]].
New Leadership
Charles Denton, former CEO of British perfumer Molton Brown, will take over the chain, and Mike Jatania, co-founder of Auréa, will be its chairman. Denton has expressed his admiration for the brand and his determination to revitalize its business, acknowledging that it will require courageous action [[1]].
The Body Shop’s History
The Body Shop was founded in 1976 in Brighton, England, by British entrepreneur Anita Roddick, a pioneer in environmentally friendly cosmetics, not tested on animals, and a supporter of fair trade. The brand was bought by L’Oréal in 2006 for around 940 million euros, when it was at the height of its glory. However, the brand’s star began to fade, competed with the rise of many other brands claiming a more ethical approach. In 2017, the company was bought by the Brazilian Natura Cosmeticos [[1]].
Previous Ownership
Before being acquired by Auréa, The Body Shop was owned by Natura Cosmeticos, a Brazilian company. In 2022, The Body Shop acquired 51% of Emporio Body Store in Brazil [[2]].
A New Chapter
The acquisition of The Body Shop by Auréa marks a new chapter in the brand’s history. With its commitment to supporting original brands, Auréa is poised to revitalize the business and restore its former glory. As Denton takes over the reins, the brand is set to embark on a new journey, one that will require courageous action but promises to bring about positive change.
In related news, AURELIUS, a European investment company, has also acquired The Body Shop International Limited from Natura & Co SA, further solidifying the brand’s new ownership structure [[3]].
The future of The Body Shop looks bright, and its commitment to ethical and sustainable practices is sure to resonate with its loyal customer base. As the brand embarks on this new chapter, one thing is certain – its iconic status is here to stay.
The Body Shop: A New Chapter Begins
After months of uncertainty and worry, The Body Shop is seeing the light at the end of the tunnel. The acquisition of the British beauty chain by the investment company Aurelius (not Auréa as mentioned in the query) has been finalized, with no plans to reduce the number of stores at this stage. This iconic chain, known for its ethical commitments, had filed for bankruptcy in February.
The Body Shop, which employed around 7,000 people worldwide, including 2,200 in the UK, had announced the closure of more than 80 of its 198 UK stores and the loss of more than 750 jobs in the country. This procedure only concerned the UK and not the rest of the brand’s global network. The receivers of The Body Shop International had concluded an exclusivity agreement in July with the consortium of buyers led by Aurelius <[3[3]>.
Aurelius has acquired The Body Shop from Brazil’s Natura & Co for a “cut-price deal” <[1[1]>. The terms of the deal have not been disclosed. According to Retail Dive, Natura & Co. announced on Tuesday that it has reached an agreement to sell The Body Shop to private equity group Aurelius <[2[2]>.
Charles Denton, former CEO of British perfumer Molton Brown, will take over the chain, and Mike Jatania, co-founder of Aurelius, will be its chairman. The future CEO said “really looking forward to leading this brand that (he) has admired for so many years” while recognizing that “Revitalizing its business will require courageous action”.
The Body Shop was founded in 1976 in Brighton (south of England) by British entrepreneur Anita Roddick, a pioneer in environmentally friendly cosmetics, not tested on animals, and a supporter of fair trade. L’Oréal bought the brand in 2006 for around 940 million euros, when it was at the height of its glory, and the charismatic businesswoman, who died the following year, was criticized for this choice, accused by some of making a pact with the enemy. The brand’s star then began to fade, competed with the rise of many other brands claiming a more ethical approach.
FAQs
- What is the current status of The Body Shop?
The Body Shop has been acquired by Aurelius, a private equity firm, and is expected to continue operating without any plans to reduce the number of stores.
- How many employees did The Body Shop have before filing for bankruptcy?
The Body Shop employed around 7,000 people worldwide, including 2,200 in the UK, before filing for bankruptcy.
- Who is the founder of The Body Shop?
The
