The Body Shop has been rescued from administration, in a deal that appears to secure the immediate future for 1,300 shop and office workers. A consortium led by the British cosmetics tycoon Mike Jatania has acquired the ethical beauty brand's 113 UK stores which remain trading, for an undisclosed sum. Mr Jatania described the Body Shop as "a truly iconic brand" popular in over 70 markets around the world. "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," he said. Announcing the deal, Auréa Group said it has "no immediate plans" to shut stores but that it would monitor the footprint of the estate over the coming months as it tries to manage costs. The Body Shop was founded in Brighton in 1976 by the late environmental and human rights campaigner Dame Anita Roddick. What began as a single shop in the seaside town quickly grew into a global brand known for its beauty offer, perfumes and ethical stance against animal testing. Dame Anita and her husband Gordon sold the business to French beauty giant L'Oreal in 2006. Since then it has changed hands twice, including for as much as a reported one billion euros, amid fierce competition from other natural beauty brands like Lush and Rituals.
Blog Q - Is the market for ethical beauty becoming too saturated for The Body Shop to survive?
