"We plan to focus relentlessly on exceeding their expectations"
The Body Shop has been rescued from administration in a deal that appears to secure the immediate future for 1,300 shop and office workers.
A consortium led by Mike Jatania has acquired the ethical beauty brand’s remaining 113 UK stores for an undisclosed sum.
Aurea Group will also have control of The Body Shop’s assets in Australia and North America.
Mr Jatania described The Body Shop as “a truly iconic brand” popular in over 70 markets around the world.
He said: “We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences across all of the channels where customers shop.”
Announcing the deal, Aurea Group said it has “no immediate plans” to shut stores but that it would monitor the footprint of the estate over the coming months as it tries to manage costs.
But who is Mike Jatania?
Mr Jatania has an extensive track record in the beauty and personal care industry.
Alongside his three brothers – Vin, Danny and George – the Jatanias are thought to be worth at least £650 million.
They amassed their fortune by buying up unglamorous brands – such as Harmony hairspray and Lipsyl lip salve – and selling them off through family business Lornamead.
He joined the family-owned Lornamead in 1985 and became chief executive in 1990, once quipping:
“The fact that I am the youngest and I run the group says a lot about my brothers and their judgment.”
Under his leadership, Lornamead flourished, acquiring over 35 well-known brands, including those from Unilever, Proctor & Gamble, Sara Lee, Wella AG, and Henkel.
After several strategic acquisitions, Lornamead was sold in 2013 to a mix of buyers, including a Chinese multinational and a large Indian corporation.
The British tycoon now lives in Monaco with his wife Sonal.
The couple married in 2005 having fallen in love when his brother introduced him to Sonal at Lornamead, where she worked as the firm’s European business development manager.
It is a long way from his arrival in the UK in 1968 at the age of three when his father moved the family to Britain from Uganda after Asians were expelled from the country by dictator Idi Amin.
Mike Jatania has an accounting degree from South Bank University and is well-regarded for his ability to turn around struggling brands.
The Body Shop was founded in 1976 in Brighton by the late Dame Anita Roddick.
A single shop quickly turned into a global brand known for its beauty offer, perfumes and ethical stance against animal testing.
In 2006, Dame Anita and her husband Gordon sold The Body Shop to L’Oreal.
Since then it has changed hands twice, amid fierce competition from other natural beauty brands like Lush and Rituals.
Aurelius paid £207 million for The Body Shop in late 2023, but in February 2024 admitted it could not revive its fortunes and placed the UK arm into administration. It owed more than £276 million to creditors at the time.
FRP Advisory has since closed 85 stores, while almost 500 shop jobs and at least 270 office roles have been axed.
There were more than 75 expressions of interest to take over the chain. But after months of negotiations, Aurea announced that it had finally closed the deal.
Mike Jatania will serve as Executive Chairman.
Charles Denton, former Molton Brown Chief Executive, will take over as CEO.
Mr Denton said: “I am truly excited to lead this brand which I have admired for many years.”
He added that “bold action” would be required to achieve a “sustainable future”.
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