The Body Shop’s new CEO has said the brand is making its global comeback, as the embattled beauty business prepares to rebuild its international presence.
This has begun with its franchise in Iberia, the southwestern European peninsula occupied by Spain and Portugal, with new owners being announced for the region.
Veneta Petkova, Head Franchisee of The Body Shop Bulgaria, and Diego Ortiz de Zevallos, former Managing Director of the brand in Iberia, will lead the division.
“We’re on our way back, market by market, product by product, customer by customer,” said Charles Denton, CEO of The Body Shop.
“We look forward to extending this relationship as we build a sustainable future together in Spain and Portugal.
“Veneta and Diego are deeply committed to The Body Shop, they are champions of ethical beauty and wonderful partners.”
The Body Shop has 72 shops across the peninsula, including 48 in Spain and 24 in Portugal.
This also includes a distribution network across the two countries for beauty businesses such as Druni, Fund Grube, Perfumes Club, Marvimundo and Aromas y Perfumes y Cí.
"We are excited to lead this brand in Iberia, which we have admired for years and believe we have a great future ahead of us,” said Petkova and Ortiz de Zevallos in a joint statement.
It follows The Body Shop being rescued from administration in the UK, a move which saved more than 1,000 jobs.
Retail tycoon Mike Jatania’s Auréa consortium fully acquired the business and plans to keep 113 stores open without further plans for closures.
The Body Shop’s UK business collapsed into administration in February 2024 just months after being acquired by private equity firm Aurelius for £207m.
The store closures and job cuts came after a period of financial challenges for The Body Shop, including multiple consecutive quarters of losses with former owner Natura & Co.
In the UK, 197 stores closed as part of its restructuring process.
The process also saw the business sell off most of its business in Europe and a portion of its operations in Asia.
Denton’s statements, however, signal a renewed energy from The Body Shop after dealing with years of lagging profits, job cuts and the administration woes.
The former Molton Brown CEO, who leads the management team for Auréa group’s consortium, has been visiting stores across the UK in a bid to rally staff and promote that the brand is hiring.
“While we can’t change the past, we can shape the future - step by step, store by store, product by product, and market by market - towards a brighter and more sustainable path,” added Denton.
“With the fantastic team we already have and the many new talents we’re looking to bring on board, I’m confident we’re poised to reach new heights.”
Read more:
- The Body Shop rescued from administration saving 113 stores
- The Body Shop owes former owner £15 million
- The Body Shop UK collapses into administration with 2,000 jobs at risk
- Lush’s new collection is inspired by rival The Body Shop
