Natura & Co announced that it has reached agreement to sell The Body Shop to international private equity group Aurelius for approximatley $256 million. The deal is expected to close by December 31st, 2023.
Aurelius, the owner of Lloyds Pharmacy, annnounced last month that the company joined the bidding. Natura & Co announced in August it was exploring a potential sale.
Natura & Co is #10 on our Top Global Beauty Companies 2023. The company says the sale marks a new step in its strategy to simplify and refocus its operations.
Aurelius has signed an agreement to acquire The Body Shop for an enterprise value of GBP 207 million, including an earn-out of GBP 90 million. This is approximately $256 million in US dollars at today’s exchange rate.
“Today, we celebrate a truly historic moment for The Body Shop as we join forces with Aurelius to begin a new chapter, allowing us to continue building the relevancy of this global brand for future generations,” says Ian Bickley, CEO of The Body Shop.
“With a presence in over 80 countries, The Body Shop is not only a beauty brand, but also an iconic social business that has captured hearts in nearly every corner of the world…I’m looking forward to working hand in hand with Aurelius as we adapt and flourish in new global retail environments, always with an eye on sustainable and profitable growth,” Bickley adds.
Natura & Co Plans to Refocus on Avon
Natura & Co says it will continue its drive to refocus on its strategic priorities. It will accelerate the integration of the Natura and Avon brands in Latin America, focusing on its core relationship selling model, and further optimizing Avon International’s footprint.
“Refocused, deleveraged and leaner, Natura & Co will now be able to fully concentrate on its core relationship selling expertise in Latin America while also continuing the optimization of Avon International’s footprint and investing in initiatives and innovations that positively impact people and the planet,” says Fabio Barbosa, CEO of Natura & Co.
The Body Shop will benefit from Aurelius’ strong track record in building up companies to continue its transformation journey, according to Barbosa.
“We are pleased to have found a strong home for The Body Shop to write the next chapter in its remarkable story, and we extend our sincerest thanks to all The Body Shop’s associates, who contributed immensely to broadening Natura & Co’s horizons. We wish them continued success under the stewardship of Aurelius,” says Barbosa.
Aurelius to Reenergize The Body Shop
Aurelius is a globally active investment firm with retail experience. Its investments include Footasylum, an omni-channel retailer of fashion streetwear and sportswear based in the UK, and the global catering group LSG Sky Chefs.
Aurelius says it is committed to maintaining The Body Shop’s long-standing, distinctive values, instilled by its founder, Dame Anita Roddick.
“We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the cruelty-free and natural ingredient movement in the health and beauty market. We look forward to working with CEO Ian Bickley and his team to drive operational improvements and reenergize the business and help to deliver the next chapter of success,” comments Tristan Nagler, partner at Aurelius.
Under Natura & Co’s ownership since 2017, The Body Shop has overhauled its product portfolio, undergone a store redesign, and enhanced its customer experience worldwide.
The Body Shop launched a refill program, now in place in nearly 800 stores. The company also became a certified B Corp in 2019, broadening its sustainability commitments and regaining its advocacy voice.
