(MENAFN- AFP)
Growth capital firm Aurea on Saturday announced the completion of its Acquisition of UK-based cosmetics group The Body Shop, renowned for ethical hair and skin products.
The 50-year-old business entered administration in February, which led to FRP Advisory being brought in to try to salvage part of the group.
Soon after, The Body Shop announced it would shutter almost half of its 198 stores in Britain. On collapsing, it employed about 1,500 staff across its UK stores, and a total 7,000 worldwide.
"This investment demonstrates Aurea's focus on backing purpose-led and differentiated brands in the Beauty, Wellness and Longevity sector and represents its largest transaction to date," Aurea said in a statement.
Remaining stores are expected to continue trading under the new deal.
German private equity firm Aurelius had bought The Body Shop in November, but the retailer ran into trouble in a tough economic climate over the key Christmas trading period.
The Body Shop was founded in 1976 by Anita Roddick and has become a staple of the British high street, but it has been under various owners since she sold it to French cosmetics giant L'Oreal in 2006.
Roddick, who died in 2007 from a brain haemorrhage, rapidly expanded the business from modest beginnings with a determination to offer products that had not been tested on animals.
She also set out to make her business environmentally friendly, with customers encouraged to return empty containers for refilling at the original shop in Brighton on England's south coast.
Mike Jatania and Charles Denton will serve as executive chairman and CEO respectively.
"With The Body Shop, we have acquired a truly iconic brand with highly engaged consumers in over 70 markets around the world," said British tycoon and Aurea co-founder Jatania.
"We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences across all of the channels where customers shop while paying homage to the brand's ethical and activist positioning."
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