Auréa -- a growth capital firm co-founded by Mike Jatania and Paul Raphaël -- has announced the completion of its acquisition of the embattled beauty brand The Body Shop.
Mike Jatania and Charles Denton will serve as Executive Chairman and CEO, respectively, and will jointly steer The Body Shop's revival and reclaim its global leadership in the ethical beauty sector, according to a statement.
"Both Mike and Charles have significant experience and a proven track record in successfully transforming heritage brands into sustainable growing businesses," it said.
The investment demonstrates Auréa's focus on backing purpose-led and differentiated brands in the beauty, wellness and longevity sector, and represents its largest transaction to date.
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Founded in 1976, The Body Shop offers innovation-led skincare, body care, haircare and make-up made with natural ingredients from around the world.
"Auréa will apply its investment acumen, deep industry knowledge and operational expertise to rebuild the business while honouring the heritage and values that connect the brand with its customers," it said.
Commenting on the development, Jatania said, "With The Body Shop, we have acquired a truly iconic brand with highly engaged consumers in over 70 markets around the world. We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences across all of the channels where customers shop while paying homage to the brand's ethical and activist positioning."
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The Body Shop CEO Charles Denton said, "We recognise that revitalising the business will require bold action and a consumer-centric, commercially agile mindset. We believe there's a sustainable future ahead and working closely with the management team we aim to restore The Body Shop's unique, values-driven, independent spirit."
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