Growth capital firm Auréa has completed its acquisition of The Body Shop saving the company’s remaining 113 stores from closure.
Mike Jatania and Charles Denton, co-founders of Auréa, will serve as executive chairman and CEO of The Body Shop and will jointly steer the company’s revival and “reclaim its global leadership in the ethical beauty sector it pioneered”.
Auréa has “no immediate plans” to shut stores, but said that it would monitor the footprint of the estate over the coming months.
A spokesperson for Auréa told The Guardian: “We believe that the stores are an important part of the brand’s connection to its customers. We will naturally monitor the footprint of the estate to make sure that we are optimising performance through that connection.”
Jatania said: “With The Body Shop, we have acquired a truly iconic brand with highly engaged consumers in over 70 markets around the world. 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.”
Denton added: “I am truly excited to lead this brand which I have admired for many years. We recognise that revitalising the business will require bold action and a consumer-centric, commercially agile mindset. We believe there’s a sustainable future ahead and working closely with the management team we aim to restore The Body Shop’s unique, values-driven, independent spirit.”
Steve Baluchi, director at joint administrators FRP Advisory, said: “We’re pleased to be able to handover The Body Shop to experienced new owners that have a long track record of successful retail turnarounds. They recognise the enormous value of its household name brand and have a clear vision for its future.”
