The CEO of The Body Shop will be leaving the company.
The Body Shop, the iconic British personal care brand known for its activist roots and commitment to ethical business practices, is undergoing a significant transformation. After five years at the helm, CEO David Boynton is stepping down, and Mike Jatania, a retail tycoon and former Executive Chairman of the company, has taken over as interim CEO.
Jatania, who led the consortium Auréa that purchased The Body Shop from Natura & Co in 2021, aims to lead the brand through its transformation and return it to sustainable revenue growth. The company's transformation plan includes a "cultural reset" strategy, with a focus on relocating its UK headquarters to Brighton—where the brand originally opened its first shop in 1976—as a symbolic move to return to its roots.
Jatania's leadership team includes Ian Bickley, a board director at parent company Natura & Co, who will serve as interim CEO. Bickley will work closely with the executive leadership team to find Boynton's successor and expand The Body Shop's business plan to focus on sustainable revenue.
The Body Shop's latest annual report states that 2022 was the most difficult year in the company's history. The brand has faced financial challenges and restructuring, and has been working to reassert its relevance in the competitive personal care market. To this end, The Body Shop has opened new Changemaking Workshop stores, a callback to the retailer's activist roots.
Natura & Co. sold Aesop, another popular personal care brand in its portfolio, to L'Oréal for $2.5 billion earlier this month. The company had been courting potential buyers for Aesop for months, with LVMH and Shiseido reportedly among the potential suitors. Natura & Co did not immediately respond to questions about the nature of Boynton's exit.
The Body Shop was founded in 1976 and has around 2,500 retail locations, both owned and franchised, in over 80 countries. The brand has a long history of activism and a commitment to ethical business practices, and has been a certified B Corp since 2019. Boynton expressed pride in the work done to get The Body Shop back to the exciting and inspiring brand it was born to be, and Jatania and his team are now tasked with leading the brand into a new era.
References:
[1] The Body Shop's transformation plan: https://www.thebodyshop.com/us/news/the-body-shop-announces-new-management-team-and-transformation-plan/ [1] The Body Shop's new interim CEO: https://www.thebodyshop.com/us/news/the-body-shop-announces-new-interim-ceo-mike-jatania/ [1] The Body Shop's financial challenges: https://www.thebodyshop.com/us/news/the-body-shop-announces-2022-financial-results/ [1] The Body Shop's sale of Aesop: https://www.reuters.com/business/retail-consumer/natura-co-sells-aesop-loreal-2023-02-24/ [1] The Body Shop's certification as a B Corp: https://www.bcorporation.net/community/member/the-body-shop-international-ltd
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