Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Body Shop rescue deal secures 113 stores and over 1,000 jobs

by
September 8, 2024
in Top News
0
Body Shop rescue deal secures 113 stores and over 1,000 jobs
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

The Body Shop has been saved from administration in a rescue deal led by cosmetics tycoon Mike Jatania, securing 113 stores and safeguarding more than 1,000 jobs.

The former Molton Brown chief, Charles Denton, will take the helm as chief executive under the new ownership.

The deal, facilitated by administrators at FRP, involves the sale of The Body Shop to a consortium headed by Jatania’s investment company, Aurea. The agreement follows weeks of exclusive negotiations and aims to stabilise the business, which currently employs 1,300 people. While there are no immediate plans to close additional stores, the new owners may explore relocating some branches to more advantageous locations in various towns and cities.

The Body Shop’s journey into administration began earlier this year after its sale to private equity firm Aurelius for £207 million last November. The sale came at a valuation significantly lower than the €1 billion (£870 million) that previous owner Natura had paid in 2017. The retailer’s financial troubles were exacerbated when HSBC withdrew a line of credit, and Aurelius failed to secure alternative funding, leading to the closure of more than 80 stores.

Despite being listed as The Body Shop’s top creditor, Aurelius was not the ultimate buyer. Instead, an auction attracted several bidders, including Mr Jatania’s Aurea and Gordon Brothers, the turnaround specialist led by former Mothercare boss Mark Newton-Jones. Aurea described the acquisition as its “largest transaction to date,” although details of the investment were not disclosed.

Aurea expressed a commitment to rebuilding The Body Shop and restoring its position as a leader in the ethical beauty sector—a market it pioneered under the guidance of founder Anita Roddick. Launched in 1976, The Body Shop was a trailblazer in the ethical cosmetics space, known for its natural products and commitment to not testing on animals, setting a standard that has since been followed by other retailers like Lush and Rituals.

Under Aurea’s ownership, Jatania has pledged to invest in new, innovative products and enhance the in-store experience, while maintaining the brand’s ethical and activist roots. He will take on the role of executive chairman, with Charles Denton steering the business as CEO. Jatania, who has a history of revitalising neglected cosmetic brands, previously sold the maker of Lypsyl lip balm for nearly $200 million (£156 million) in 2013.

Denton acknowledged the challenges ahead, stating, “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.”

FRP’s Steve Baluchi praised the new owners, highlighting their “long track record of successful retail turnarounds” and confidence in the enduring value of The Body Shop’s household name and legacy. With this rescue deal, The Body Shop’s future looks set for a new chapter of recovery and growth in the ethical beauty market.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Google accused of exploiting advertising dominance to overcharge publishers

Google accused of exploiting advertising dominance to overcharge publishers

Recommended

House set to OK proposed P6.352-T national budget on Wednesday

House set to OK proposed P6.352-T national budget on Wednesday

September 22, 2024
First virtual open evening to be held by prestigious online distance learning college

First virtual open evening to be held by prestigious online distance learning college

October 15, 2024
DENR calls for ‘adaptive’ approach to disasters

DENR calls for ‘adaptive’ approach to disasters

October 14, 2024
PAVI’s Iloilo airport proposal clears negotiation phase, awaits review

PAVI’s Iloilo airport proposal clears negotiation phase, awaits review

December 17, 2024
Hot money outflows reach $529.7 million in October — central bank data

Hot money outflows reach $529.7 million in October — central bank data

December 1, 2024
Philippine banks’ online assets vulnerable to attacks

Philippine banks’ online assets vulnerable to attacks

September 3, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved