L’Oréal has sealed the deal for the sale of The Body Shop to Brazilian group Natura Cosméticos, having obtained the go-ahead from the regulatory authorities.
Natura Cosméticos SA is engaged in the development, manufacture, distribution, and sale of cosmetics, producing a full range of cosmetic products.
The company products include deodorants, sunscreens, lotions, creams, lipsticks, and perfumes.
The company was founded by Antônio Luiz da Cunha Seabra and Guilherme Peirão Leal in 1969 and is headquartered in Sao Paulo, Brazil.
The Body Shop now belongs to the Brazilian group Natura Cosméticos – AFP Negotiations between the two beauty corporations began on 9th June 2016, after Natura initially valued The Body Shop at €1 billion.
This despite the fact the, after being bought by L’Oréal in 2006, the natural cosmetics retailer’s performance fell short of expectations, even though the French giant invested heavily to grow the brand.
SEE ALSO : How Nyx Cosmetics became a social media star
In the 2016 fiscal year, The Body Shop, which operates approximately 3,000 stores worldwide, generated a revenue of €920.8 million, down 4.8% over the previous year.
“The ethical values and expertise of Natura make it the perfect new owner of The Body Shop to accelerate the rejuvenation of the brand and its future expansion,” said Jeremy Schwartz, Chairman and CEO of The Body Shop.
(Source: Fashion Network)