An indication is pictured above the doorway to a department of The Physique Store in central London on February 12, 2024. The Physique Store, the close to 50-year-old cosmetics firm famend for its moral hair and pores and skin merchandise, is close to bankrupt within the UK after poor Christmas commerce, based on stories in British media. (Picture by Daniel LEAL / AFP)
London, United Kingdom — Development capital agency Aurea on Saturday introduced the completion of its acquisition of UK-based cosmetics group The Physique Store, famend for moral hair and pores and skin merchandise.
The 50-year-old enterprise entered administration in February, which led to FRP Advisory being introduced in to attempt to salvage a part of the group.
Quickly after, The Physique Store introduced it might shutter nearly half of its 198 shops in Britain. On collapsing, it employed about 1,500 employees throughout its UK shops, and a complete 7,000 worldwide.
“This funding demonstrates Aurea’s deal with backing purpose-led and differentiated manufacturers within the Magnificence, Wellness and Longevity sector and represents its largest transaction thus far,” Aurea stated in an announcement.
READ: Physique Store’s UK enterprise slides into chapter 11
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Remaining shops are anticipated to proceed buying and selling beneath the brand new deal.
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German non-public fairness agency Aurelius had purchased The Physique Store in November, however the retailer bumped into bother in a tricky financial local weather over the important thing Christmas buying and selling interval.
The Physique Store was based in 1976 by Anita Roddick and has change into a staple of the British excessive avenue, but it surely has been beneath numerous house owners since she bought it to French cosmetics large L’Oreal in 2006.
Roddick, who died in 2007 from a mind haemorrhage, quickly expanded the enterprise from modest beginnings with a dedication to supply merchandise that had not been examined on animals.
She additionally got down to make her enterprise environmentally pleasant, with clients inspired to return empty containers for refilling on the unique store in Brighton on England’s south coast.
Mike Jatania and Charles Denton will function government chairman and CEO respectively.
“With The Physique Store, we have now acquired a really iconic model with extremely engaged shoppers in over 70 markets all over the world,” stated British tycoon and Aurea co-founder Jatania.
“We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences throughout the entire channels the place clients store whereas paying homage to the model’s moral and activist positioning.”