It’s official: after announcing on June 9 that they were entering into exclusive negotiations with Natura Cosméticos, L’Oréal announced a contract has been signed for the sale of The Body Shop to the Brazilian conglomerate for around €1 billion (US$1.1 billion).
WHO: Founded by the late Dame Anita Roddick in 1976, The Body Shop was launched as a natural beauty brand with an ethical approach to cosmetics, ruling out animal testing, and campaigning on social and environmental issues. L’Oréal acquired The Body Shop in 2006 at the height of its success, significantly expanding the brand’s global footprint. Today the brand is active in more than 60 countries and available through more than 3,000 points of sale.
Natura Cosméticos is the leader in Brazil’s cosmetic, fragrance, and toiletry industry, with the corporate mandate to “improve the environment and society.” The company trades in seven Latin American countries and in France, generating annual sales of 7.9 billion reais (€2.2 billion, US$2.4 billion) last year.
IN THEIR OWN WORDS: When Natura’s firm offer was submitted on June 9, L’Oréal’s Chairman and CEO Jean-Paul Agon said on the company blog: “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.” Meanwhile, Jeremy Schwartz, Chairman and CEO of The Body Shop, added: “The ethical values and expertise of Natura makes it the perfect new owner for The Body Shop to accelerate the rejuvenation of the brand and its future expansion.”
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