The Body Shop, the iconic ethical beauty brand founded by Anita Roddick, has been saved from administration by a consortium led by British cosmetics tycoon Mike Jatania. The deal includes all assets of The Body Shop International, including its 113 UK stores and control of outposts in Australia and North America. The new owners, Auréa, do not plan to close any UK stores and aim to optimize their performance.
Auréa, founded by Jatania and Paul Raphael, plans to revive The Body Shop’s global leadership in the ethical beauty sector by investing in product innovation and seamless customer experiences. Jatania, who previously owned Lornamead, brings a wealth of experience in the personal care industry. Charles Denton, former CEO of Molton Brown, will serve as chief executive.
The group is in talks with providers to secure working capital for the venture, with restructuring specialist Hilco lined up to provide £30m. Auréa plans to honor The Body Shop’s heritage and values while rebuilding the business. The brand’s global footprint, with stores in over 70 markets, will be a key focus for the new owners.
FRP, the administrators who oversaw the administration process, are pleased to hand over The Body Shop to experienced new owners with a track record of successful retail turnarounds. The acquisition by Auréa marks a new chapter for The Body Shop, ensuring its continued presence in the UK market and beyond.
Source
Photo credit www.theguardian.com