A WELL-KNOWN high street beauty shop with 250 locations has been sold as part of a £207million deal.
Natura and Co, which owns The Body Shop, has confirmed it has reached an agreement to sell the retailer.
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The group said the sale, to private equity group Aurelius, will be finalised by December 31 this year.
It comes as the cosmetics group looks to shift its focus away from the UK market and towards South America.
It is not clear at this time whether a sale of The Body Shop will see stores close or jobs lost.
Fabio Barbosa, chief executive officer of Natura and Co, said: “We are pleased to have found a strong home for The Body Shop to write the next chapter in its remarkable story, and we extend our sincerest thanks to all The Body Shop’s associates, who contributed immensely to broadening Natura &Co’s horizons.
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“We wish them continued success under the stewardship of Aurelius.”
Natura and Co bought out The Body Shop in 2017, which today has around 250 stores across the UK.
Meanwhile, global firm Aurelius’ portfolio includes footwear chain Footasylum, which runs over 60 stores in the UK.
The private equity firm also owns global catering group LSG Sky Chefs, which runs catering services in airports across the world.
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Ian Bickley, chief executive officer of The Body Shop, added: “Today, we celebrate a truly historic moment for The Body Shop as we join forces with Aurelius to begin a new chapter, allowing us to continue building the relevancy of this global brand for future generations.
“With a presence in over 80 countries, The Body Shop is not only a beauty brand, but also an iconic social business that has captured hearts in nearly every corner of the world.”
It comes as a number of other retailers struggle amid surging energy costs and as consumers turn to online shopping.
A number of retailers have crashed into administration this year, including Cath Kidston, Paperchase and major discounter Wilko.
But it’s not all bad news. A number of retailers have opened branches this year too.
Clarks has opened eight branches across the UK this year, including in Taunton, Reigate, Manchester and London.
Meanwhile, in July, B&M said it would open several new branches within weeks following a string of closures.
The Body Shop opened its first UK store in 1976 in Brighton.
Natura and Co is the fourth biggest beauty group in the world, employing 40,000 members of staff and operating in over 100 countries.
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