PARIS — The Body Shop has signed an agreement with a global family office to sell most of its business in mainland Europe and in parts of Asia.

Financial terms of the deal, which incorporates each physical and digital operations, weren’t disclosed.

The a part of the activity effected equals to about 14 percent of The Body Shop’s business worldwide.

The sale doesn’t impact its global head franchise partners, which operate on a rustic or territory level, but some sub-franchise partners are to be included within the sale.

In a third-quarter 2023 sales statement, The Body Shop’s then parent company Natura & Co. wrote that projects underway included “turbo-charging the support for our head franchise partners, with a concentrate on our top-h.f. partners in the important thing markets where we see growth, including India, Middle East and Southeast Asia.”

It’s believed The Body Shop’s largest market stays its home country of the U.K.

The B-Corp-certified company operates around 2,800 retail locations in greater than 70 countries.

The approaching divestiture is an element of The Body Shop’s transformation after its acquisition by private equity firm Aurelius Investment in mid-November 2023. As previously reported, Natura & Co. sold the sweetness retailer to Aurelius in a deal valuing The Body Shop at 207 million kilos. 

In third-quarter 2023, The Body Shop’s sales reached 829 million Brazilian reals, or $168.6 million.

The corporate’s changing hands got here a couple of months after a big chief executive officer switch at The Body Shop, when David Boynton abruptly stepped down. He had been CEO since 2017, the identical yr Natura & Co. acquired The Body Shop from L’Oréal.

Boynton was succeeded by interim CEO Ian Bickley, who left the business in January, following the completion of The Body Shop’s sale.

The Body Shop said in an announcement the upcoming deal “further prioritizes [its] strategically vital markets and global head franchise partner relationships, which it should search for opportunities to construct. The Body Shop may also concentrate on more effectively reaching customers by strengthening digital platforms, developing recent sales channels and via differentiated retail experiences.”

“The announced sale is one other decisive step toward delivering a powerful turnaround strategy for The Body Shop, supported by the correct structure,” the corporate continued. “The ambition is to create a contemporary and dynamic beauty brand, relevant to customers and capable of compete for the long run. The Body Shop must proceed to create exceptional products, rediscover its unique voice and deliver financial stability.” 

The Body Shop was founded by Anita Roddick within the U.K. in 1976.