Irish staff awaiting details of The Body Shop restructuring following sale to private equity firm

The recently acquired cosmetic company has seven stores nationwide

In terms of external global revenue, the part of the company being sold equates to approximately 14% of the Body Shop business globally.

Irish staff members at cosmetic chain, the Body Shop are awaiting details of a new restructuring plan following the sale of most of its business in mainland Europe and parts of Asia.

The Irish Examiner understands that Irish staff received communication on Tuesday informing them of changes to the company as it transitions to new ownership.

Late last year, the cosmetic chain was acquired from its parent company, Natura & Co by European private equity firm, Aurelius, in a £207m (€242m) deal which included a £90m (€105m) payout. 

In a statement to the Irish Examiner, the Body Shop said it is "accelerating steps to reshape the business," as part of its "ongoing transformation" and change in ownership. 

It added that it signed an agreement with an international family office to sell its business in most of mainland Europe and in parts of Asia which includes physical and digital operations.

"The announced sale is another decisive step towards delivering a strong turnaround strategy for The Body Shop, supported by the right structure," the company said.

In terms of external global revenue, the part of the company being sold equates to approximately 14% of the Body Shop business globally.

Speaking in November 2023, pan-European private equity firm, Aurelius said it would work with the management team of The Body Shop "to drive operational excellence across the group" as well as "re-energise the business."

Employing around 50 staff members nationwide, The Body Shop has seven stores in Ireland, five of which have leases signed by The Body Shop International Ltd, according to most recent account filings, with the remaining two part of franchise agreements. 

Last year, the Irish arm of the cosmetic chain reported a pre-tax loss of €1.6m which it said was primarily driven by the impairment loss on intangible assets of €1.56m.