The Body Shop has truly been saved from administration by a consortium led by British mogul Mike Jatania, with staying retailers to proceed buying and selling.
Mr Jatania’s funding firm Aurea launched the conclusion of the acquisition on Saturday, with Mr Jatania and Charles Denton, earlier president of allure model identify Molton Brown, to go the brand-new administration group.
In a declaration, Aurea claimed the acquisition was its largest buy to day and it will definitely “steer the Body Shop’s revival and reclaim its global leadership in the ethical beauty sector it pioneered”.
It is presently acknowledged there are not any immediate methods to shut any considered one of its 116 staying UK retailers.
Mr Jatania previously ran Lornamead– the proprietor of particular person therapy model names consisting of Lypsyl, Woods of Windsor, Yardley and Harmony hair care– which he provided to competing Li & & Fung for round ₤ 155 million better than ten years again.
The Body Shop got here below administration in very early February after earlier projections for simply how a lot financing it will definitely require to keep up going confirmed as effectively diminished.
In the weeks that complied with, managers claimed quite a few work would definitely be shed and a great deal of shops shut.
The group had truly utilized concerning 1,500 store staff previous to the administration.
The Body Shop was began in 1976 by Dame Anita Roddick, buying and selling out of a bit of retailer in Brighton initially and made its identify providing cruelty-free fairtrade objects.
Mr Jatania, founding father of Aurea, claimed: “With the Body Shop, we’ve got acquired a really iconic model with extremely engaged customers in over 70 markets world wide.
“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.”
Charles Denton, president of the Body Shop, claimed: “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.”
