The retailer had been in voluntary administration since January, but liquidators have confirmed there’s no hope of keeping the business alive.
All 16 New Zealand stores of The Body Shop have permanently closed, leaving 70 staff unemployed, liquidators announced on April 2.
The cosmetic and beauty products retailer had been in voluntary administration since January, but its stores had remained open to clear stock.
However, at a March 27 creditors’ meeting, liquidators Daniel Stoneman and Neale Jackson of Calibre Partners confirmed the company would be placed into liquidation.
Stores had been progressively closed during the administration as Calibre sold stock on hand, with the last one closing its doors on Feb. 21.
The company’s website has also been taken down, displaying a farewell message:
“All retail locations are now permanently closed, and our online store is no longer processing orders. We extend our heartfelt gratitude to our valued customers for your unwavering support throughout the years. Your passion for our products and ethical values has meant everything to us.”
New Zealand Abandoned as Parent Company Finds a Buyer
Hopes of saving the New Zealand business were dashed when no buyer was found, despite the UK parent company being rescued in February last year.
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A consortium led by British cosmetics entrepreneur Mike Jatania, through his venture capital firm, Aurea Group, acquired The Body Shop’s UK stores and its operations in Australia and North America. The purchase price was not disclosed.
Since Jatania took over, The Body Shop’s fortunes have begun to pick up, and the firm announced it had achieved £2 million (AU$4.11 million) in profit on £28 million of sales in its first three months.
The Rise and Fall of an Ethical Beauty Pioneer
Founded by Anita Roddick in 1976 in Brighton, England, The Body Shop pioneered ethically sourced, cruelty-free beauty products with minimal packaging and refillable options. The company went public in 1984, and its share value soared by 10,944 percent before Roddick sold it to L’Oréal in 2006.
Subsequent sales followed: L’Oréal sold it to Natura & Co in 2017, and amid declining revenues, private equity fund Aurelius acquired it in 2023.
As the concepts that made The Body Shop unique started to be adopted by competitors—notably Lush, which also has its origins in the U.K.—its point of difference had become diluted, and its market share declined.
