The Body Shop has been sold to the German owner of Footasylum in a deal worth up to £207 million.
The deal means that the Brazilian business Natura and Co will recoup just a fraction of the €1 billion – or about £870 million at today’s exchange rate – that it paid for the firm six years ago.
The £207 million deal is understood to include a total of £90 million payable to Natura within five years if certain conditions are met.
The private equity buyer, Aurelius, said that it would have an opportunity to “re-energise” the cosmetics retailer.
Aurelius partner Tristan Nagler said: “We are delighted to be undertaking this acquisition of an iconic British brand which pioneered the cruelty-free and natural ingredient movement in the health and beauty market.
“We look forward to working with CEO Ian Bickley and his team to drive operational improvements and re-energise the business and help to deliver the next chapter of success.”
The Body Shop was founded in 1976 by Anita Roddick, in Kensington Gardens, Brighton, and now has about 7,000 staff and 900 stores in 20 countries. It also has around 1,600 franchised shops around the world.
The Labour MP for Hove, Peter Kyle, worked for Dame Anita at the company’s headquarters in Littlehampton, joining the company in his teens.
Body Shop chief executive Ian Bickley said: “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.
“We are deeply grateful to Natura and Co for their unwavering support and I’m looking forward to working hand in hand with Aurelius as we adapt and flourish in new global retail environments, always with an eye on sustainable and profitable growth.”
Natura’s chief executive Fabio Barbosa said that the sale would allow his company to refocus its business and concentrate on the Latin American markets.
He said: “We are pleased to have found a strong home for the Body Shop to write the next chapter in its remarkable story.
“We extend our sincerest thanks to all the Body Shop’s associates who contributed immensely to broadening Natura and Co’s horizons. We wish them continued success under the stewardship of Aurelius.”
i always thought she was an extremely ugly woman.. end of