The Body Shop‘s new owner Natura Cosmetico has announced plans to replace the retailer‘s chief executive Jeremy Schwartz by the end on the year, just days after its acquisition was finalised.
Schwartz’s successor has not yet been named, but the Brazilian cosmetics giant reportedly told the Financial Times that it would be a British man with retail experience.
“We know that the brand, despite being global, is essentially British. We have already taken the decision to replace the CEO, and the person we will appoint in the coming two months it‘s a British guy with experience in retail,” Natura co-chairman Guilherme Leal said.
“We think that the British identity of the brand it‘s very positive and has to be highly respected.”
Leal is confident Natura would be able to boost the dwindling sales of the retailer, which over the past year has struggled due to an increase in competition from rival brands offering similar ethically sources beauty products.
More than half of The Body Shop‘s revenue stream will be sourced from outside of Brazil from key markets including Latin America, the UK and the US, with eyes to expand into India and Indonesia.