L’Oréal has officially confirmed the sale of its British subsidiary The Body Shop to Brazilian Natura Cosméticos. The deal was signed this week, is estimated to be worth 1 billion euro and should be finalized before the end of the year.
Deal worth 1 billion
The Body Shop, founded in 1976, currently has more than 3,000 stores in 66 countries. L’Oréal had paid 652 million British pounds (close to 1 billion euro) in 2006, but put it up for sale in February after another abysmal performance: turnover dropped nearly 5 % and losses were compounded.
Brazilian Natura Cosméticos, with a 2.17 billion euro turnover, has bought the chain and hopes its integration will lead to a “worldwide green cosmetics company” with a 3.1 billion euro turnover.
