Aurelius Capital
  • Opportunity to re-energise an iconic global beauty and personal care brand with impressive consumer recognition
  • Trailblazer which has set the standard for beauty brands in minimising environmental impact, maximising social benefits and ensuring animal welfare
  • AURELIUS’ operational taskforce to partner with the highly experienced management team to optimise operations and develop the offering across channels

Luxembourg/Munich, November 14, 2023 – AURELIUS announces the acquisition of The Body Shop International Limited (The Body Shop) from Natura & Co S.A (NYSE – NTCO; B3 – NTCO3). The iconic global beauty brand is renowned for its heritage in cruelty-free and ethical beauty products. It is an omni-channel retailer with its own stores, e-commerce sites, international franchises and wholesale customers. The transaction is expected to close in December 2023, subject to approval by the relevant competition and regulatory authorities. The purchase agreement values The Body Shop at £207m, including an earn-out of £90m, subject to certain conditions.

The Body Shop, which is headquartered in London and employs c. 7,000 staff, has operations in 89 markets with over 900 company-owned stores in 20 countries and partnerships with head franchisees who operate c. 1,600 franchised stores in a further 69 geographies. The brand’s product portfolio comprises natural ingredient-based bath & body, skin care, fragrance, hair care, make-up and gifting. The Body Shop has been B-Corp certified since 2019, further demonstrating its leadership in ethical sourcing, sustainability, and social consciousness.

As experts in complex transactions, with a strong focus on driving operational improvements, AURELIUS will work with the management team to drive operational excellence across the group, leveraging its expertise and experience in the omni-channel retail and wholesale markets. This, combined with The Body Shop’s iconic brand and heritage in socially responsible products, means that despite the challenging retail market there is an opportunity to re-energise the business to enable it to take advantage of positive trends in the high-growth beauty market.

In recent years, AURELIUS has completed many complex corporate carve-outs across Europe, including the acquisitions of renowned brands such as Footasylum from JD Sports and LSG Sky Chefs (LSG Group) from Deutsche Lufthansa AG.

“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 re-energise the business, and help to deliver the next chapter of success”, comments Tristan Nagler, Partner at AURELIUS.

Ian Bickley, CEO of The Body Shop, added, “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. 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. We are deeply grateful to Natura &Co for their unwavering support and 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.”

The Body Shop was founded in 1976 by Anita Roddick, with a small shop in Brighton/UK. At the heart of her vision stood an ethical approach to business, a purpose that was trail-blazing at the time and remains highly relevant today. The Body Shop does not test its products on animals and strives to work fairly with farmers and suppliers. By following this approach to business, The Body Shop has been a pioneer in corporate social responsibility.

For further information contact:

Humza Vanderman / Methuselah Tanyanyiwa
Dentons Global Advisors
Tel: +44 (0)7824 472501

Natura &Co
Emilia Lebron
Head of External Communications
+44 (0) 7580 816371

Brunswick Group
São Paulo + 55 11 3076 7620
London + 44 020 7404 5959

Categories: News


About the Author