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PARIS — The Body Shop has acquired a majority stake in Brazil’s Emporio Body Store, L'Oréal has announced.
The Body Shop snapped up 51% of Emporio Body Store with the option of increasing its shareholding to 80% by 2019.
“I am delighted by this opportunity to launch The Body Shop brand in Brazil through this new venture with Emporio Body Store. We are looking forward to introducing The Body Shop products to discerning Brazilian consumers who appreciate naturally inspired, sensorial products,” stated Jeremy Schwartz, chairman and CEO of The Body Shop.
The acquisition is subject to the approval of the Brazilian Anti-Trust Authority CADE and should be completed before the end of the year, L’Oreal stated. Terms of the deal were not disclosed.
Founded in 1997 in Porto Alegre by Tobias Chanan, Emporio Body Store offers a complete range of beauty products sold through a franchise network. The beauty market in Brazil has experienced a consistent and sustained expansion and has become the fourth beauty market in the world.
Chanan will remain CEO of the group with the objective to expand the business through the franchise channel. The company will propose to Brazilian consumers a range of The Body Shop’s most popular products complemented by new products developed locally with L’Oréal’s Research Centre in Rio de Janeiro.
“We are thrilled to associate our company Emporio Body Store to The Body Shop and the L'Oréal Group. In The Body Shop, we have found our kindred spirit: thanks to the synergy of our values, vision and culture, we will have the opportunity to greatly accelerate our business in Brazil,” Chanan stated.