A group headed by “Cosmetics King” Mike Jatania purchased the well-known retailer out of administration.
The acquisition was completed on Saturday, according to a statement made by the billionaire tycoon’s investment company, Aurea.
Charles Denton, the former CEO of beauty firm Molton Brown, and Mr. Jatania will lead the new leadership group.
The agreement will “steer the Body Shop’s revival and reclaim its global leadership in the ethical beauty sector it pioneered,” according to a statement released by Aurea.
It is believed that none of the company’s 116 remaining UK stores will be closing anytime soon.
Earlier this week, news broke that Aurea had secured over £30 million in fresh funding and was ready to complete the takeover.
Former CEO of Lornamead, which sold its personal care businesses, including Yardley, Woods of Windsor, Harmony haircare, and Lypsyl, to competitor Li & Fung for about £155 million over a decade ago, was Mr. Jatania.
Early in February, The Body Shop went into administration because earlier estimates of the amount of funds it would require to continue operating turned out to be excessively low.
