The Body Shop to offload part of international businesses

The Body Shop is set to sell parts of its business in Europe and Asia under its new owners Aurelius, according to reports from Retail Week.

The beauty retailer has signed an agreement with “an international family office to sell its business in most of mainland Europe and in parts of Asia”.

The outlet said sections of the business up for sale make up around 14% of the business and any deal will not affect the company’s UK operations.

Details of the sale have not yet been disclosed, and is thought not to include The Body Shop’s physical and digital operations.

News of this deal comes after The Body Shop was acquired by private equity firm Aurelius in November last year for £207m.

As a result chief executive Ian Bickley left his role with immediate effect and he will be followed by UK and Ireland managing director Maddie Smith, who is due to leave the company in April.

The company told Retail Week: “This further prioritises The Body Shop’s strategically important markets and global head franchise partner relationships, which it will look for opportunities to build. The Body Shop will also focus on more effectively reaching customers by strengthening digital platforms, developing new sales channels, and via differentiated retail experiences.

“The announced sale is another decisive step towards delivering a strong turnaround strategy for The Body Shop, supported by the right structure. The ambition is to create a modern and dynamic beauty brand, relevant to customers and able to compete for the long term.”

Aurelius has declined to comment.