French cosmetic giant L’Oreal officially completed the sale of The Body Shop
The French cosmetic giant L’Oreal has officially sold one of its key assets – the brand The Body Shop. Its new owner is the Brazilian manufacturer of organic cosmetics Natura Cosmeticos. In a formal announcement by L’Oreal, they stated that on September 7th the deal was completed after obtaining the necessary permits. The initial informed about the deal was released in the summer this year, with transaction value of 1 billion EUR.
The agreement required companies to obtain the approval of anti-trust institutions in the United States and Brazil.
The Body Shop has around 3,000 stores in 66 countries around the world. It became the property of the French concern in 2006, when they bought it for 811.5 million USD.
With the deal, Natura Cosmeticos will enter many new markets and currently has presence in six countries in South America as well as in France.
Meanwhile, Natura Cosméticos has secured Jeremy Schwartz’s successor at the helm of The Body Shop. The unnamed man will be taking up his position by the end of the year.