L'Oréal enters talks to sell off The Body Shop
The Body Shop could be set to leave the ownership of L'Oréal which has revealed an offer from Natura Cosméticos SA to acquire the natural product retailer, valued at €1bn.
The Body Shop
Discussions have begun over the sale following "an extensive review" over the future of The Body Shop by its current owner of 11 years.
"I am very pleased to announce Natura as the potential new ‘home’ for The Body Shop. It is the best new owner we could imagine to nurture the brand DNA around naturality and ethics. Natura will support The Body Shop development in the long-term and enable The Body Shop to best serve its customers while respecting its strong commitments towards its employees, franchisees and stakeholders. I would like to thank all The Body Shop employees and partners around the world for their contribution to the development of the brand over the past eleven years and I am confident they will be in the best hands for the future", said Jean-Paul Agon, chairman and chief executive of L'Oréal in a statement.
Jeremy Schwartz, chairman and chief executive of The Body Shop, added: "I am sure that all customers, employees, franchisees and stakeholders of The Body Shop will join me in welcoming L'Oréal's decision to enter into exclusive discussions with Natura. The ethical values and expertise of Natura make it the perfect new owner for The Body Shop to accelerate the rejuvenation of the brand and its future expansion.”
The Body Shop was founded in 1976 by Anita Roddick and has expanded to over 60 countries, generating retail sales of €1.5bn in 2016 alone.