Brazil’s Natura Cosméticos has secured Jeremy Schwartz’s successor at the helm of The Body Shop. The unnamed man will be taking up his position by the end of the year. The move comes as the Brazilian cosmetics giant on Friday finalised its purchase of the British high street stalwart from L’Oreal for an enterprise value of €1bn.
“We know that the brand, despite being global, is essentially British. We have already taken the decision to replace the CEO, and the person we will appoint in the coming two months it’s a British guy with experience in retail,” Guilherme Leal, the billionaire co-chairman of Natura’s board, and one of its founders, told the Financial Times.
Mr Leal did not provide further details on who the incoming chief executive is. But he is confident that this new phase will help The Body Shop to lift flailing sales, after the British retailer had faced increasing competition from other brands offering similar products based on natural ingredients with no animal testing.
“We think that the British identity of the brand it’s very positive and has to be highly respected,” he explained. With the acquisition of The Body Shop, the Natura group will source 54 per cent of its sales outside of Brazil, mainly in Latin America, the UK, and the US, but adding that, “India and Indonesia have a strong potential.”