Swiss retailer buys The Body Shop Switzerland
A master franchise agreement for Switzerland and Lichtenstein has also been signed with The Body Shop International (now owned by L’Oreal) which allows the Coop Group to purchase the rights to sub-franchise within these countries.
Although financial details of the agreement were not disclosed, it was revealed that The Body Shop Switzerland generates an annual turnover of 30m CHF (€21.7m) through its network of 37 outlets across the country.
Coop spokeswoman Densie Stadler told CosmeticsDesign-Europe.com that the Body Shop has seen solid growth over recent years - about 5 per cent on average.
According to the Coop Group, its core values are similar to that of The Body Shop; a brand well-known for its stance against animal testing and environmental and social projects.
The retailer proclaims itself to be committed to sustainable sourcing, reducing environmental damage and protecting human and animal rights.
No job cuts
The Body Shop Switzerland will continue to function as an independent company, with its co-founder and CEO, Ian Levy retaining his position; it was said in a statement.
In addition, all of The Body Shop Switzerland’s 192 employees will retain their jobs, said the Coop Group.
A board of directors comprising three people will be elected, with Joos Sutter, head of Coop Trading assuming the position of chairman. The two other members are Coop employees Hanz Peter Schwarz (head of finance) and Urs Jordi (head of department stores).
L’Oreal Body Shop takeover
In March 2006, cosmetics giant L’Oreal purchased The Body Shop, which was founded by Anita Roddick in 1976, for £625m (€755m).
Shortly after the takeover L’Oreal announced plans to expand the beauty brand into countries such as Brazil, Argentina and China and it now boasts more than 2,800 retail outlets in over 65 countries.
