A sign is pictured above the entrance to a branch of The Body Shop in central London on February 12, 2024. The Body Shop, the near 50-year-old cosmetics company renowned for its ethical hair and skin products, is near bankrupt in the UK after poor Christmas trade, according to reports in British media. (Photo by Daniel LEAL / AFP)
London, United Kingdom — Growth capital firm Aurea on Saturday announced the completion of its acquisition of UK-based cosmetics group The Body Shop, renowned for ethical hair and skin products.
The 50-year-old business entered administration in February, which led to FRP Advisory being brought in to try to salvage part of the group.
Article continues after this advertisementSoon after, The Body Shop announced it would shutter almost half of its 198 stores in Britain. On collapsing, it employed about 1,500 staff across its UK stores, and a total 7,000 worldwide.
FEATURED STORIES BUSINESS National ID gives more Filipinos ‘face value BUSINESS BIZ BUZZ: Unwinding Gogoro … quietly BUSINESS Polvoron maker seeks P500 million capital for expansion“This investment demonstrates Aurea’s focus on backing purpose-led and differentiated brands in the Beauty, Wellness and Longevity sector and represents its largest transaction to date,” Aurea said in a statement.
READ: Body Shop’s UK business slides into bankruptcy
Article continues after this advertisementRemaining stores are expected to continue trading under the new deal.
Article continues after this advertisementGerman private equity firm Aurelius had bought The Body Shop in November, but the retailer ran into trouble in a tough economic climate over the key Christmas trading period.
Article continues after this advertisementThe Body Shop was founded in 1976 by Anita Roddick and has become a staple of the British high street, but it has been under various owners since she sold it to French cosmetics giant L’Oreal in 2006.
Roddick, who died in 2007 from a brain haemorrhage, rapidly expanded the business from modest beginnings with a determination to offer products that had not been tested on animals.
Article continues after this advertisementShe also set out to make her business environmentally friendly, with customers encouraged to return empty containers for refilling at the original shop in Brighton on England’s south coast.
Mike Jatania and Charles Denton will serve as executive chairman and CEO respectively.
“With The Body Shop, we have acquired a truly iconic brand with highly engaged consumers in over 70 markets around the world,” said British tycoon and Aurea co-founder Jatania.
Subscribe to our daily newsletter
“We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences across all of the channels where customers shop while paying homage to the brand’s ethical and activist positioning.”casinolandia
READ NEXT Asian markets tumble as US jobs data stoke recession fears Oil companies to reduce prices by almost P2 per liter EDITORS' PICK Party-list system: What to know ahead of 2025 polls LIVE UPDATES: Tropical Storm Kristine Espenido retracts drug-related allegations vs De Lima QC Mayor Belmonte highlights social services in State of City Address Manila Water Foundation and partners underscore benefits of handwashing Sandro Marcos calls out VP Sara Duterte: ‘You crossed the line’ MOST READ SC issues TRO vs Comelec resolution on dismissed public officials Tropical Storm Kristine slightly intensifies; Signal No. 2 in 5 areas LIVE UPDATES: Tropical Storm Kristine Espenido retracts drug-related allegations vs De Lima View comments