The UK business of The Body Shop has collapsed into administration. The high street retailer was one of the pioneering firms embodying sustainable products with its iconic stores across the UK and in some global markets. The firm confirmed the news, and the collapse occurred just months after a private equity firm bought the brand.
Administrators at FRP have been appointed, and they will attempt to sell the firm’s assets to pay the brand’s debts. The Body Shop stores are expected to remain open while the administrators look to bring the firm back together. However, if they cannot find a buyer soon, London and the UK will see the iconic green brand shuttering its stores, and several thousands of workers will lose their jobs.
The Body Shop was founded by Dame Anita Roddick in 1976. It has over 200 stores in the UK. The Body Shop has its global headquarters in London Bridge. The firm has been closing its operations, such as The Body Shop at Home, and selling its businesses in many parts of Europe and Asia. It is focusing on its UK business as it is restructuring.
The global retail sector has seen a downturn, and The Body Shop has been facing dwindling sales since the firm was sold to L’Oréal in 2006. When founded, it had been credited for bringing “cruelty-free” products to mainstream customers.
Many customers were disappointed when the iconic British-founded brand sold out to a large conglomerate like L’Oréal that uses animal testing for its products. The firm moved its production to the Philippines. It also started offering discounts and lost some customers from its heydays in the eighties and nineties as the brand changed its focus, and there was also a rise of other “ethical” and “sustainable” brands.
L’Oréal expanded the firm but saw a slowdown in sales growth. The firm remained financially viable when sold to Natura & Co. in 2017 for reportedly $1.1 billion. It then began sliding with an $86.6 million loss in 2022. It was sold to private equity firm Aurelius, headquartered in Germany, for about $254 million in November 2023.
The Body Shop is not the only sizeable retail closure in the UK. In January, Lloyds Pharmacy went into liquidation due to debts. In August 2023, Wilko, a hardware chain, filed for administration.
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