South Korea’s CJ Corp mulls bid for The Body Shop

Published: 5-Apr-2017
Finance

Speculation continues over the next owner of the L’Oréal-owned cosmetics brand

CJ Corp, a South Korean conglomerate based in Seoul, has revealed it is considering buying The Body Shop from L’Oréal.

However, the CJ Group holding company mentioned in a regulatory filing that nothing has yet been decided, including whether it would enter a bid or what unit might launch a potential bid.

CJ Group is the owner of Korean-style drug store CJ Olive Young and operates a Homeshopping & Logistics division, but it also specialises in Food, Bio & Pharma, Infra, and Entertainment & Media.

Since L’Oréal put The Body Shop up for sale, the retailer has been linked to several interested parties including ex-L’Occitane Director Emmanuel Osti partnering with CVC Capital Partners, APAX Partners and Advent International.

The Body Shop was put up for sale in February, ten years after L’Oréal acquired the brand founded by Dame Anita Roddick for £652m.

The Body Shop is now seeking approximately £851m for the ethical cosmetics brand.

In the company's 2016 annual result statement released in February, Jean-Paul Agon, Chairman and CEO of L'Oréal, stated: "As part of this brand portfolio optimisation, it has been decided to explore all strategic options regarding The Body Shop's ownership in order to give it the best opportunities and full ability to continue its development. No decision has been taken so far."

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