British cosmetics tycoon Mike Jatania has led a consortium to rescue The Body Shop from administration in a deal that will keep the brand’s remaining 113 UK stores trading. Jatania’s firm Auréa, along with former UBS, Credit Suisse, and Merrill Lynch executive Paul Raphael, has acquired all of The Body Shop International’s assets, including UK stores and outposts in Australia and North America, for an undisclosed sum.
The new owners have confirmed that they do not plan to close any UK stores and will monitor their performance to optimize connections with customers. The deal comes after The Body Shop went into administration in February following financial difficulties. The brand’s previous owner, Aurelius, was unable to revive the business’s fortunes, leading to closures of 85 shops and job cuts.
Jatania will serve as chair of The Body Shop, with Denton as chief executive. The group is in talks with providers to secure working capital for the venture, with Hilco lined up to provide £30m. Aurea aims to steer The Body Shop’s revival and reclaim its global leadership in the ethical beauty sector it pioneered.
Jatania expressed excitement about acquiring such an iconic brand with a global reach, and Denton emphasized the need for bold action and a consumer-centric approach to revitalize the business. The director of FRP, the administrators of The Body Shop, expressed confidence in the new owners’ ability to successfully turn around the brand.
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