“We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences throughout all the channels the place prospects store,” he mentioned.
Asserting the deal, Auréa Group mentioned it has “no speedy plans” to close shops however that it could monitor the footprint of the property over the approaching months because it tries to handle prices.
The Physique Store was based in Brighton in 1976 by the late environmental and human rights campaigner Dame Anita Roddick.
What started as a single store within the seaside city rapidly grew into a world model recognized for its magnificence provide, perfumes and moral stance in opposition to animal testing.
Dame Anita and her husband Gordon bought the enterprise to French magnificence big L’Oreal in 2006. Since then it has modified fingers twice, together with for as a lot as a reported one billion euros, amid fierce competitors from different pure magnificence manufacturers like Lush and Rituals.
The personal fairness agency Aurelius paid £207m for The Physique Store in late 2023, however in February this 12 months admitted it couldn’t revive its fortunes and positioned the UK arm into administration. It owed greater than £276m to collectors on the time.
FRP Advisory has since closed 85 shops, whereas nearly 500 store jobs and at the very least 270 workplace roles have been axed.
There have been greater than 75 expressions of curiosity to take over the ailing chain, reportedly together with Subsequent and Marks and Spencer, however after months of negotiations, Auréa introduced that it had lastly closed the deal.
With 35 years of expertise within the trade, Mike Jatania will function Govt Chairman, it mentioned. The previous Chief Govt of Molton Brown, Charles Denton, will take over the helm as CEO.
“I’m actually excited to steer this model which I’ve admired for a few years,” Mr Denton mentioned.
He added that “daring motion” could be required to realize a “sustainable future”.
Steve Baluchi, Director at FRP Advisory, mentioned the corporate’s “skilled new homeowners” had a observe file of profitable retail turnarounds and that they recognised the model’s worth.
