Natura & Co to Sell The Body Shop to Aurelius Investment for 207 Million Pounds
The Brazilian company has owned the skin care brand since 2017.
Natura & Co is officially selling The Body Shop to private equity firm Aurelius Investment in a deal valuing the chain at 207 million pounds, it was revealed Tuesday.
The closing of the transaction is expected to occur by yearend and is subject to customary regulatory approvals. “We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the crueltyfree and natural ingredient movement in the health and beauty market," said Tristan Nagler, partner at Aurelius. "We look forward to working with CEO Ian Bickley and his team to drive operational improvements and re-energize the business, and help to deliver the next chapter of success.”
According to São Paulo-based Natura, this is part of its efforts to streamline operations and simplify its businesses after having sold Aesop to L'Oréal, as well as position the group to focus on strategic priorities, notably the integration of Natura and Avon in Latin America.
The move comes just a few months after a significant chief executive officer switch at The Body Shop, when David Boynton abruptly stepped down.
Boynton had been CEO since 2017, the same year that the Brazilian beauty company acquired The Body Shop, which was founded by Anita Roddick in England in 1976, from L'Oréal.
He was succeeded as interim CEO by Ian Bickley, who was tasked with refining the current business plan and transformation agenda, as well as with accelerating the road to profitability.
In its most recent results released Tuesday, The Body Shop's top line remained challenged. Net revenue fell 15 percent in its third quarter to 829.4 million Brazilian reals.
Of the sale, Bickley commented: “Today, we celebrate a truly historic moment for The Body Shop as we join forces with Aurelius to begin a new chapter, allowing us to continue building the relevancy of this global brand for future generations. With a presence in over 80 countries, The Body Shop is not only a beauty brand, but also an iconic social business that has captured hearts in nearly every corner of the world.”