CJ Group, a South Korean food and entertainment giant, said Wednesday it is reviewing whether to buy the British cosmetics brand The Body Shop, which is on the market for sale.
“We are reviewing (the matter of) acquiring The Body Shop, but there’s no detailed decision made yet including whether to participate in the bid and which one (affiliate) will take charge (of the acquisition),” the group said in a statement.
(The Body Shop)
It came a day after a local report that CJ has already named an adviser to jump into the race to purchase the UK skincare brand currently owned by French cosmetic giant L’Oreal.
Founded in 1976 by a social and environmental campaigner, Anita Roddick, The Body Shop has entered more than 60 countries, but it has been suffering from tough competition.
Acquiring the cosmetics brand could help the South Korean consumer retail group expand its health and beauty store chain, Olive Young, according to industry sources. CJ Corp., the group’s holding company, holds 55.01 percent in CJ Olive Networks, the operator of Olive Young.
By Cho Chung-un (christory@heraldcorp.com)
