L’Oréal has announced that it has signed the contract for the sale of The Body Shop to Natura Cosmeticos.
The deal was finalised after L’Oréal received the advice of its Works Council or Comité Central d’Entreprise.
The Body Shop will now transfer to Brazilian conglomerate Natura Cosmeticos for around €1bn.
When Natura’s firm offer was submitted on 9 June, L’Oréal’s Chairman and CEO, Jean-Paul Agon said: “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.”
L’Oréal acquired The Body Shop in 2006 and, since then, has significantly expanded the brand’s presence globally; it is now active in more than 60 countries and available through more than 3,000 points of sale.
In 2016, it generated retail sales of approximately €1.5bn and net sales of €921m.
The ethical and natural beauty brand and retailer was founded by Dame Anita Roddick in 1976.