The Body Shop is reportedly preparing to sell off most of its business in Europe and a portion of its operations in Asia.
These include its physical and digital channels, and represent an estimated 14% of The Body Shop’s business globally.
The embattled beauty brand added that the sale will not affect its operations in the UK market.
“This further prioritises The Body Shop’s strategically important markets and Global Head Franchise Partner relationships, which it will look for opportunities to build,” The Body Shop said in a statement.
“The Body Shop will also focus on more effectively reaching customers by strengthening digital platforms, developing new sales channels, and via differentiated retail experiences.”
The spokesperson added that sale of its European and Asian businesses will allow it to bolster its operations in other key markets.
“The ambition is to create a modern and dynamic beauty brand, relevant to customers and able to compete for the long term,” the spokesperson added.
“The Body Shop must continue to create exceptional products, re-discover its unique voice, and deliver financial stability.”
It comes after The Body Shop’s Interim CEO, Ian Bickley, exited the company this month following the completion of the brand’s sale to private equity firm Aurelius Group.
Bickley was a board member of former owner Natura & Co, and had stepped into the role in April 2023.
He was tasked with stabilising the embattled beauty brand.
The British beauty heritage said he has successfully steered the business through the sale process, and now that it has been completed leadership is being handed over to Aurelius.
Natura & Co put the The Body Shop up for sale in September 2023, with investor Aurelius Group snapping it up for £207m two months later.
This was just a fifth of the price the Brazilian cosmetics giant paid for it in 2017, and came after multiple consecutive quarters of losses for The Body Shop.