The British high street fashion chain Next is in talks to acquire The Body Shop, according to a Sky News report on Saturday.

Per the report, Next has been closely following The Body Shop, and has now contacted FRP Advisory, the administrators handling the company’s bankruptcy proceedings and expressed an interest in acquiring parts of the distressed chain.

Despite being better known for affordable fashion, homewares and school clothes, Next has also become a prolific acquirer of embattled retail businesses. Run by Lord Wolfson, in recent years, it has snapped up the likes of Fat Face and Joules after they entered insolvency proceedings, and it has also struck deals with bigger US brands such as Victoria’s Secret and Gap.

Any sale, however, would not include The Body Shop’s most recognisable assets. Its brand and intellectual property are not part of the administration process, as Aurelius Group, which has owned The Body Shop since Jan. 1 2024, has secured its stock and other major assets. FRP has already announced the closure of almost half of its 198 UK stores.

The Body Shop was once a radical disruptor in the beauty industry, as a founder-led brand with strong ethical claims and whimsical, playful products. Despite the body care segment’s growth in popularity, the brand failed to modernise its core proposition as competition increased.

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The beauty label has fallen under administration with plans to cut staff and stores. How did the ultimate purveyor of uber-perfumed creams and fragrances and purpose-driven brand messages, which seem so relevant now, fall so far?