Natura Cosmeticos have confirmed the takeover deal is now complete, with the deal valued at around £880 million. The Body Shop has seen declining revenue over recent years, while struggling against upcoming competitor, Lush.
Experts have speculated that this is down to customers are moving towards increased ethical shopping, and while the Body Shop is Cruelty Free International-certified, it was owned by L’Oreal, one of the largest testers of animals.
As the takeover grew closer, The Body Shop started moving towards vegan business, implementing new vegan labelling and specific vegan products.
Natura is registered as a ‘B-corp’, which means it has to meet ‘rigorous standards of social and environmental performance, accountability, and transparency’, according to the Community of Certified B Corporations.
The Brazilian company uses renewable energy that is generated on site and uses environmentally-friendly packaging for its products.
Natura co-chairman, Guilherme Leal, said: “We are thrilled to welcome The Body Shop to the Natura group.
“This alliance creates a combination of companies that share a common purpose that goes way beyond usual businesses.
“A new force for good is taking shape.”
Meanwhile, Jean-Paul Agon, L’Oréal Chairman and CEO, said: “Natura will support The Body Shop development in the long-term and enable The Body Shop to best serve its customers while respecting its strong commitments towards its employees, franchisees and stakeholders.
I would like to thank all The Body Shop employees and partners around the world for their contribution to the development of the brand over the past eleven years and I am confident they will be in the best hands for the future.”