(London) The British brand The Body Shop, sold in 2017 by L’Oréal to the Brazilian group Natura Cosméticos for one billion euros (1.49 billion CAD), was bought by the German investment fund Aurelius for a quarter of this sum, the latter announced on Tuesday.
The purchase agreement values The Body Shop at up to 207 million pounds (354 million CAD), including 90 million pounds which will be paid “subject to certain conditions,” according to a statement from Aurelius. The transaction should be finalized next December.
Founded in 1976 in Brighton, in the south of the United Kingdom, “this iconic global beauty brand is renowned for its heritage of ethical and cruelty-free beauty products” towards animals, argued the investment fund.
The Body Shop, present in 89 markets worldwide, sells bath and body products based on natural ingredients, skin and hair care, perfumes and makeup. Its headquarters are in London and the company employs around 7,000 people.
“Despite a challenging retail market, there is an opportunity to reinvigorate the business to enable it to capitalize on the positive trends in a rapidly growing beauty market,” assures Aurelius.
The sale “will support Natura’s efforts