The Body Shop Says Yes to L'Oreal Takeover
Last Friday the ABC observed that "the world's top cosmetics group" L'Oreal was in the running to takeover the famed social change and fair-trade business advocate The Body Shop. Also on the same day the BBC reported that the deal had been agreed to. Seems the offer was £652m ($1,090m USD) for the French based L'Oreal to own around 2,000 Body Shop stores, across more than 50 countries (selling a product every 0.4 seconds!). According the BBC, Anita and Gordon Roddick, who founded Body Shop 30 years ago and still own 18% of its stock, are expected to make £130m ($228m) from the deal. And they go onto say that Dame Anita commented: "For both Gordon and I, this is without doubt the best 30th anniversary gift The Body Shop could have received," Not sure if she means the money. Or that the industry that she railed against for so many years, has finally deemed to acknowledge that a business model that has consideration for social and environmental welfare is indeed viable and financially attractive. It also helps, no doubt, if that same model has delivered a business that's been named "the 27th most respected company in the world". ::The Body Shop, via BBC News.