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A British consortium, led by cosmetics tycoon Mike Jatania, has completed a deal to rescue The Body Shop. The firm, which was founded in 1976 by human rights campaigner Dame Anita Roddick, had been placed into administration by its previous owner, private equity firm Aurelius. Jatania’s firm now has control of the Body Shop’s 113 stores in the UK, as well as assets in Australia and North America. The new owners have provided no indication that they intend to close shops and will seek to manage costs by monitoring the estate over the coming year.
The Body Shop was sold to French beauty firm L’Oréal in 2006 by Dame Anita and her husband Gordon. The couple developed the business from its single store in Brighton into a global brand with a strong ethical stance against animal testing. Since L’Oreal’s purchase, The Body Shop has changed hands twice, costing as much as €1bn ($1.16bn).
Aurelius paid £207m ($273m) for the company in 2017, but struggles to transform fortunes caused the UK business to be placed into administration earlier this year, with debts of over £276m ($366m). The administrator has since shut 85 stores and made hundreds of staff redundant. More than 75 companies are believed to have expressed interest in taking over the company.
Jatania, who has 35 years of experience in the beauty industry, will become Executive Chairman. The former Chief Executive of Molton Brown, Charles Denton, will assume the role of CEO. He has pledged to take “bold action” to create a “sustainable future” for the organisation
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