The Body Shop has actually been saved from management by a consortium led by British mogul Mike Jatania, with staying shops to proceed trading.
Mr Jatania’s investment company Aurea introduced the conclusion of the purchase on Saturday, with Mr Jatania and Charles Denton, previous president of charm brand name Molton Brown, to head the brand-new management group.
In a declaration, Aurea claimed the purchase was its biggest purchase to day and it would certainly “steer the Body Shop’s revival and reclaim its global leadership in the ethical beauty sector it pioneered”.
It is presently recognized there are no prompt strategies to close any one of its 116 staying UK shops.
Mr Jatania formerly ran Lornamead– the proprietor of individual treatment brand names consisting of Lypsyl, Woods of Windsor, Yardley and Harmony hair care– which he offered to competing Li & & Fung for around ₤ 155 million greater than ten years back.
The Body Shop came under management in very early February after previous projections for just how much financing it would certainly require to maintain going confirmed as well reduced.
In the weeks that complied with, managers claimed numerous work would certainly be shed and loads of stores shut.
The organization had actually utilized regarding 1,500 shop employees prior to the management.
The Body Shop was started in 1976 by Dame Anita Roddick, trading out of a little store in Brighton initially and made its name offering cruelty-free fairtrade items.
Mr Jatania, founder of Aurea, claimed: “With the Body Shop, we have acquired a truly iconic brand with highly engaged consumers in over 70 markets around the world.
“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.”
