German 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.
The 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.
She 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.
“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”.
Source: CNA
