This policy has been implemented by the UK-based company since March 1, resulting in the closure of its stores, including online store platforms, due to growing inflationary pressures.
“High inflation in recent years has hurt stores like The Body Shop, which mainly operate outside shopping centers and cater to the middle class,” the company was quoted as saying on Tuesday (12/3).
Not only did the company close its stores, but 33 of The Body Shop's 105 stores in Canada were reportedly sold by the company.
The Body Shop, founded in 1976 in England by environmental and human rights activist Anita Roddick, is known for its cosmetic products with natural and eco-friendly claims.
The Body Shop also prides itself on being a pioneering company that bans animal testing for cosmetic products. In 2019, the company also obtained B Corp certification, meeting high standards of transparency and environmental awareness.
In 2023, the cosmetics company will continue its growth with 2,500 retail stores in more than 80 countries and will sell its products in more than 60 digital markets.
However, due to the emerging economic crisis, the company was purchased by Brazil's Natura & Co from asset management company Aurelius for a value of $266 million (Rp. 4.1 trillion).
This sale took place after the company's financial report recorded a decline in activity of 13.5% on an annual basis in 2022.
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