L’Oreal mulls selling The Body Shop: report

Paris: French cosmetics giant L’Oreal is exploring the possibility of selling The Body Shop for €1 billion (Dh3.9 billion), the Financial Times reported on Wednesday. Quoting two sources close to the French company, the newspaper said that L’Oreal was “working with bankers at Lazard on a review of its options for the unit with an outright sale among the most likely outcomes.” Contacted by AFP, neither L’Oreal nor Lazard would comment on the report.

Set up in 1976, The Body Shop says on its website that it has more than 3,000 stores in 66 countries. L’Oreal acquired it in 2006 for £652 million, or €940 million, at the time.