The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — Italy's Investindustrial has placed a bid to buy British beauty retailer The Body Shop, the founder of the private equity firm Andrea Bonomi said on Tuesday.
The sale by L'Oreal, which has owned the company since 2006, has drawn interest from a series of private equity investors and a decision is expected in the coming months.
The Body Shop was a pioneer in the ethical beauty product industry four decades ago but was recently been challenged by weakening sales and profits, prompting the decision to sell it.
"We are trying (to buy it) and if we manage to do so, we hope a woman will lead it," Bonomi said.
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Italian media has previously reported Investindustrial's plans to name former L'Oreal Italy country head Cristina Scocchia at the helm of the cosmetics group if it succeeded in the acquisition.
L'Oreal declined to comment.
By Massimo Gaia and Valentina Za, additional reporting from Pascale Denis in Paris, writing by Giulia Segreti.
Shining light on the $12.3 billion SPF boom.
News of a potential exit has the beauty industry in shock and awe of the Selena Gomez-founded label, and wondering what its next move should be.
L'Oréal reported a 9.4 percent rise in first quarter sales on a like-for-like basis on Thursday, beating expectations and easing concerns about a slowdown in the two biggest beauty markets; the United States and China.
The founder, who was ousted and recently came back to the line as CEO, will regain control of the company.